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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- White Energy Company Limited
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Minerals Council of Australia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
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