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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
 Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. Freight rates in the wet tanker market remained solidly firm and somewhat increasing over the past weeks.
The VLCC TD3 daily is today in excess of $80,000/day, reaching 5 year highs and has improved phenomenally on a y-on-y comparison as around this time last year it was averaging at -$3,000/day. Cargo volumes are at elevated levels with oil production in Saudi Arabia holding at record highs and more crude cargo exports coming out of Iraq’s Basrah. Market expectation is that there is will be an upward trend in VLCC rates in June and it is worth noting that nearly 1 out of 3 VLCC’s taken on T/C during 2015 is being used for storage mostly in the AG, some in Spore, W. Africa & the Med. Suezmaxes were partly assisted by the bullish sentiment of the rising VLCC market and saw the Black Sea-Med TD6 route averaging around $55,000/day during Q12015, which is 70% up from the average during Q12014. Rates for Aframax Tankers are slightly softening over the past month, but the average spot rate is still holding above $25,000/day, with stable activity expected in the short to medium term as well.
Spot earnings for MR tankers are close to $23,500/day while the LR1’s average spot rates are ranging slightly higher at around$25,000/day. LR2’s product tanker rates in the Q12015 averaged the highest for the same period since 2006. These rates have been supported mainly by new refineries in the Middle East, which in turn utilized long haul product exports. Low oil prices have also kept naphtha prices down, making it a competitive alternative to LPG for petrochemical plants feedstock, which ultimately led to strong Asian naphtha imports.
Newbuilding and secondhand prices are also on the rise and in general we are seeing a great volume of transactions on quality modern wet tonnage, as keen buyers appear ready to act on tonnage that could benefit from the strong freight market. More than 105 Secondhand and Resale Tankers of 25.000dwt and above have changed hands since Jan. For the same period we have seen newbuilding orders for more than 130 tankers. The existing tanker orderbook is in excess of 680 vessels, 78% of which is scheduled to be delivered before 2017. At the same time, the healthy returns of the past six months gave tanker owners practically no incentive to send their vessels for scrap. In fact, only 8 large sized tankers went for demo so far in the year, while these where all well above 20 years of age.
According to International Energy Agency (IEA), European oil demand in the first quarter of this year grew at its fastest pace in almost 20 years, increased by 185,000 b/d compared to the Agency’s previous estimates, while low prices and colder weather, were as expected the main reasons behind this strong uptrend. At the same time, China, the world’s second-largest oil consumer behind the United States according to the IEA, is forecasted to consume a little below 12million barrels of oil per day in 2017, with oil consumption doubling since 2004 and oil import dependency up from 30% in 2000 to about 57% in 2014.
So given that oil prices will keep fairing at their lower new normal in the short to medium term, sustaining this way the strong demand for longer, the weight that scheduled deliveries will place on the market is expected to be partly offset, allowing the sector to keep enjoying firm rates with potential of further upside very possible .
By John N. Cotzias
SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- The University of Queensland
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
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