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