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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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Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
Tuesday, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
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Showing 1731 to 1735 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
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