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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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Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
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Showing 1796 to 1800 news of total 6871 |
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
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