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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, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
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