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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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Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
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