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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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- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- White Energy Company Limited
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
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