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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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Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
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- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
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