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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, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- London Commodity Brokers - England
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
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