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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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Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- White Energy Company Limited
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
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