We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
|
|
|
Showing 1761 to 1765 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
|
| |
| |
|
