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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, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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Showing 1746 to 1750 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Australian Coal Association
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- The University of Queensland
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
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