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