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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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Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
Thursday, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. ...
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Showing 1716 to 1720 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
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