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Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
 We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker fleet development and future outlook. So in this column, we will just outline a few points delivered during the presentation.
On the crude sector, a very anemic supply growth in 2014 helped the market enjoy a very good year in 2015 as the demand for crude carriers surpassed the fleet growth. Consequentially, the improved market led to renewed appetite for new buildings and the orders peaked in 2015. The ships ordered then were for delivery in 2016-2018, so, as demolition bottomed in 2015 and 2016, during those years the fleet grew at levels of five to six percent. Such increased tanker supply has not been matched by the respective demand, so the earnings have remained suppressed. Nevertheless, demolition – supported also by upcoming regulations, is peaking to unprecedented levels at least since 2012 leading to marginal fleet growth despite deliveries. Furthermore, and whilst the average age of the tankers being sold for scrap is around 19years old and only one percent of the crude fleet is over 20years old, eleven percent of the current fleet will be over 20years old by 2020 meaning there are still good grounds for demolition to continue.
The product market looks even more promising. The current orderbook is marginally at ten percent of the fleet and the average age of ships being scrapped is around 22 years. Furthermore, six percent of the product tanker fleet is still over 20 years old and by 2020 ten percent of the fleet will be over 20 years old. The fleet grew sharply in 2013 and 2015 but for the last three years the growth is subdued. In a very plausible scenario for 2018, demand growth is expected to surpass supply growth for the first time since 2015.
What is interesting is that the correlation between earnings and contracting turned negative in 2017. Few but wise and counter-cyclical investors find the stomach to order tanker new buildings when the market is deteriorating. One reason is the attractive prices in all tanker sub-segments; VLCCs at or below $80m, Aframax tankers hovering just over 40 million and MR Tankers in the very low 30s were well below their historical average making them very attractive. The lack of orders during 2016 led the shipbuilders to reduce their pricing and the poor market helped the buyers squeeze them further to the lowest possible contract prices. Pricing, combined with compliance to the upcoming regulations made the new buildings more attractive solutions for a shipowner who wanted to renew or expand his fleet.
Is a shipowner prepared to pay more for a tanker today than six months ago? Definitely NO for an older vessel and marginally YES for a modern ship. Should one be worried about today's tanker orderbook? Yes one should, but one should also keep the fact that the tonnage that can possibly exit the market the next few years is very close to today's orderbook. Have a good one.
lack of activity in the region. Moreover China’s recently imposed 25% tariff on US soybean imports could generate a growth in demand for regional palm oil, as CPO can be used as an alternative in certain circumstances.
By Theodoros Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
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Showing 1711 to 1715 news of total 6871 |
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- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
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