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Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
 BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016.
The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016. That is well in line with BIMCO’s full estimate of 8.5m DWT for the full year 2016. The main drivers of the total growth continue to be the MRs and LR2s.
With a net fleet growth of 5.8 % in 2015, the oil product tankers are looking to continue the trend of elevated supply growth with 3.0 % growth so far in 2016 – for the full year BIMCO expects 6.0 %.
Chief Analyst Peter Sand comments: “The LR2s and MRs are the leading segments for fleet growth in the oil product tanker market – in percentage as well as DWT in 2014 and 2015. This trend continues into the first half of 2016. Based on the current and anticipated new orders, BIMCO expects the net fleet growth in 2016 to be around the same level as in 2015 and likely to come down in 2017.
The earnings have been in decline since the beginning of 2016 and are actually at the lowest since Q3 in 2014. The reason for the decline is a combination of fleet growth alongside the deceleration of oil product stock building that was seen at the end of 2015 and early 2016. This is diminishing demand growth. While oil product production has been running ahead of end consumption, oil product tanker demand has risen above trend”.
Earnings decreasing into Q2 2016
All four oil product tanker segments have experienced an overall decline in earnings in 2016, with the LR2 seeing a 54 % decline from USD 33,966 per day from 1 January 2016 to USD 15,703 per day on 24 June 2016.
Peter Sand adds: “Due to our expectations that the freight rates would decline, we recommended back in January to fix some capacity on longer timecharters for companies with a high exposure to the spot market. We still see this need. As the spot rates are declining it is important to manage your risk and exposure to the market, as earnings could drop even further”.
Despite the demand side growing more than anticipated, the inflow of new tonnage has affected the freight market fundamentals and led to the present earnings.
Demand and supply for global oil is set to even out in Q3.
The demand growth for global oil according to The International Energy Agency (IEA) is up by 1.4 million barrels per day (mb/d) year on year for Q1 2016, compared to the previous expected 1.2 mb/d. Furthermore, they expect the demand and supply for global oil to be in balance in Q3 2016.
Peter Sand comments: “This balance puts an overhanging risk onto the global oil stockbuilding, which we have seen being built up on a large scale since mid-2014. When the global oil supply no longer outstrips global oil demand and the refineries cannot take advantage of the low and volatile crude oil prices, they do not contribute to further stockbuilding.
The increase in global oil demand and eventual levelling out over supply of oil means we will stop building stocks. We may even begin to draw down on the swollen stocks. This in turn presents an outside risk to the oil product tanker market. However, we could also see the new stock levels become permanent and so the tanker demand will not be affected in this way. Only time will tell how the dynamics will play out”.
Source: BIMCO
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Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
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- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
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