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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
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