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