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