8/17/2019 2015 04 Platou Monthly Vessel
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Supply, demand and utilization rate, tanker fleet (10,000 dwt +) Analytical topic of the month:
Page 2
Analyses and comments………………………….. 2
World economy
and
world
shipping ……….. 3
Newbuilding ……………………………………………. 4
Supply, demand and utilization rate, dry bulk fleet (10,000 dwt +)
Tankers | Freight market……………………….. 5
Tankers | Sale and purchase………………….. 6
Bulk carriers | Freight market………………… 7
Bulk carriers | Sale and purchase ………….. 8
Cellular container
ships …………………………… 9
LNG carriers …………………………………………
Representative newbuilding contracts…
Representative second hand sales……….
Contact list…………………………………………..
RS Platou Economic Research AS Munkedamsveien 62C Tel.: +47 23 11 20 00 [email protected]
Shipbroking | Oslo Fax: +47 23 11 23 00 www.platou.com
N‐0270 Oslo, Norway
RS Platou
Monthly
11
10
12
13
April 2015
LNG shipping should
reach a cyclical bottom
this summer
70
80
90
100
110
120
130
140
150
150
200
250
300
350
400
450
500
550
05 06 07 08 09 10 11 12 13 14 15
U t i l i z a t i o n r a t e ( % )
M i l l d w t
Supply Demand Utilization rate
70
80
90
100
110
120
130
140
100
200
300
400
500
600
700
800
05 06 07 08 09 10 11 12 13 14 15
U t i l i z a t i o
n r a t e ( % )
M i l l d
w t
Supply Demand Utilization rate
8/17/2019 2015 04 Platou Monthly Vessel
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RS Platou Monthly April 2015
RS Platou Economic Research AS
Shipbroking | Oslo 2
The LNG shipping market is in the midst of a cyclical downturn
caused by an increasingly higher fleet growth in parallel with a
disappointing low growth in demand. As a result short term
rates for modern dual‐fuelled tonnage dropped by $30,000 per
day in first quarter this year compared to a year ago.
The most unexpected development in the shipping demand has
the seaborne trade of LNG, which fell by an estimated 3
percent YoY during the first quarter this year. Algeria,
Indonesia, Peru and Qatar seems to have reduced the
production level and contributed to the said drop while the
Angolan and
Egyptian
export
remains
shut.
Recently
the
Yemen
export has also been halted due to social unrest.
On the import side we have registered a slowdown in Asia LNG
imports as the Chinese economy is losing pace, Korean gas
demand is hampered by the restart of nuclear power plants
and Indian LNG imports are also reduced so far this year.
This has led to an increasing share of the Middle Eastern LNG
production sold west of Suez. In March, Qatari deliveries to
Europe doubled year on year to 2 million mt, the highest
monthly figure
on
record.
The European gas market has taken more of the surplus LNG
and the import reached 11 million mt in the period between
January and March, up 23 percent year on year. March saw
particularly strong imports, with over 4 million mt landed at
European terminals equal to a 32 percent increase from the
same month last year.
Lower Asian LNG imports combined with new production
capacity in Oceania that are sold into Asia has led to a drop in
the inter
‐basin
trade
and
thus
reduced
the
transport
distance
for LNG by an estimated 2 percent during 1Q 2015.
In sum the shipping demand for LNG carriers in 1Q this year has
deteriorated by an estimated 4 percent compared to a year
ago.
The fleet in first quarter 2015 has grown by 9 percent during
the past year as a number of newbuildings has entered the
market and thus led to an 10 percent fall in the utilization rate
82 percent.
However, going forward we do expect the market conditions to
improve. There is a number of new production facilities set to
start production this year. Queensland LNG, an 8.5 mill mt
Australian facility, loaded the first cargo early this year and
three other Australian projects are expected to start exporting
LNG during the second half of this year; Australia LNG (4.5 mill
mt), Gladstone
LNG
(7.8
mill
mt)
and
Gorgon
LNG
(5.2
mill
mt).
There is also a 2 mill mt LNG project in Indonesia, Donggi
Senoro LNG, coming on‐stream later this year. Combined these
projects should rise the export capacity by 16 mill mt to reach
300 mill mt this year and turn the negative year on year growth
seen in the first quarter to a double‐digit growth during the last
quarter of this year.
Transport distance is expected to continue to contribute
negatively throughout the year as there will be need for less
Atlantic and Middle Eastern LNG in Asia due to new production
capacity in
Oceania
that
are
sold
on
long
‐term
contracts
to
Asian byuers which should result in a lower inter‐basin trade.
We thus expect shipping demand to fall by about 2 percent YoY
in the second quarter this year before turning in the third and
in the fourth quarter leap towards double‐digit territory.
The fleet growth should be at its highest during the first half of
this year; 9 to 10 percent YoY, and drop to 7 to 8 percent
during the two last quarters of the year according to the
delivery schedule.
The balance should thus weaken somewhat further during the
second quarter in line with the normal seasonal pattern. In the
third quarter the utilization rate should start to increase as
demand growth is expected to leap upwards combined with a
somewhat weaker growth in the fleet.
Jørn Bakkelund
RS Platou Economic Research
LNG shipping should reach a cyclical bottom this summer
Analyses and comments
8/17/2019 2015 04 Platou Monthly Vessel
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RS Platou Monthly April 2015
World economy ‐ YoY change in % Forecasts for world GDP, monthly revisions YoY change in %
GDP growth
US
Euro area
China
Japan
India
World
World tradeVarious
sources (
)
previous
month,
if
changed
World merchant fleet ‐ YoY change in %
Tonnage demand
Fleet growth
Utilization rate Seaborne trade YoY change in %
Market indicators
‐YoY
change
in
%
Seaborne trade*
Oil
Dry bulk
Oil
Oil consumption World
US
China
Crude imports US
China
Dry bulk
China imports Total
Iron ore
Steel production China Steel price ‐ HRC Black Sea USD/ton
US
Container
US imports
Commodity prices, end of month
Brent oil ‐ spot USD/bbl
HFO ‐ Singapore USD/t
Indian iron ore USD/t
Steam coal USD/t
Steel ‐ HRC B. Sea USD/t
* For details on sources and methods, visit
RS Platou Economic Research AS
Shipbroking | Oslo 3
2014
2016F
109.5
3Q/2014
58.5
588.0
‐7.6
3.8
Apr 2015
63.8
‐3.7
2.1
(3.8)
2.3
‐1.7
4.7
(1.1)
Feb 2015
‐10.9
‐7.9
www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536
‐1.2
513.0
6.8
2015‐03mFeb 2015
2015‐03m
4Q/2014 2015‐02m
5.1
14.0
Feb 2015
(1.7)1.50.9
0.1
4.3
(3.2)
8.0
3.8
2.4
1.0
7.6
2.83.0
(5.8)
2.9
(3.2)
(3.1)
(6.7)
2014
(6.9)7.2
3.73.4
(1.4)
(2.9)
(7.1)
3.3 3.4
6.8
1.7
2015F
(5.3)
53.3
58.672.8 58.4
2015 2016
6.97.4
1.8
4.7
84.4
‐2.2 1.5
‐14.3
10.6
‐12.7
1.21.1
53.5
‐12.3
0.1
308.5
‐8.7
7.43.4
5.7
Mar 2015
365.0
Mar 2015
350.0
Apr 2014
109.0
5.2
‐4.2
9.211.9
‐15.1
7.5
1.2
4.4
Mar 2015
Mar 2015
385.0
1.4
2015‐03m
85.3
4.5
84.9
3.0
‐0.2
4.6
8.5
The IMF offered a cautiously optimistic view of the world economy in
its biannual review. The 2015 forecast was left unchanged at 3.5%, a
slight improvement on the 3.4% rate registered in 2013 and 2014. The
2016 forecast was bumped up by 0.1 %‐point to 3.8%, which would
represent the best performance since 2011, if correct. Developed
countries are in general seen as doing better and forecasts were
raised for most European countries as well as Japan. The fund
highlighted on going headwinds in emerging markets, however, an
important challenge for shipping. Data over the past month confirms
the fund’s analysis of the situation. European macro figures have
surprised on the upside. However, this has been countered by a more
visible slowdown in the US, where the economy virtually stalled in Q1,
as the cutbacks in oil spending and the strengthening of the USD hit
home.
World economy and world shipping
2.75
3.00
3.25
3.50
3.75
4.00
Jan 2014 Jul 2014 Jan 2015
2014 2015 2016
‐20
‐10
0
10
20
30
40
08 09 10 11 12 13 14 15
Dry bulk Oil
0.0
200.0
400.0
600.0
800.0
1 000.0
1 200.0
2007 2008 2009 2010 2011 2012 2013 2014 2015
8/17/2019 2015 04 Platou Monthly Vessel
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8/17/2019 2015 04 Platou Monthly Vessel
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RS Platou Monthly April 2015
Average freight rates in 1,000 USD/day Weekl s ot rates for crude carriers# 1 000 USD da
VLCC
Suezmax
Aframax
LR2 Clean
LR1 Clean
MR Clean
VLCC
Suezmax
Aframax
LR2 Clean
LR1 Clean
MR Clean
For weekly freight rates, visit www.platou.com/dnn_site/EconomicResearch/WeeklyFreightRates.aspx
Weekl s ot rates for clean carriers# 1 000 USD da
Tanker fleet development in mill dwt *
VLCC
Suezmax
Aframax
Smaller
Total tanker fleet
* For tonnage definitions, visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536
Oil market in mill bpd
OECDNon‐OECD Middle East oil production (monthly) Mill bpd
World
demand
Middle East
Africa
Latin America
North America
Western Europe
Asia
FSU
Others
World
supply
World seaborne oil trade
RS Platou Economic Research AS
Shipbroking | Oslo 5
3.7
towards the end of the period. Suezmaxes and aframaxes were
volatile at seasonally very strong levels through the month. The surge
in European refinery demand in recent months continues to support
both size classes. MR rates remained resilient in the Atlantic, helped
by renewed import demand on the US East Coast. LR rates were softer
through the month, not yet seeing many positive effects of new
refinery capacity being brought on stream in the Middle East.
3.5
18.1
3.5
47.9
93.7
‐0.8
2014‐03m
7.4
0.114.014.0
45.8
2.5
2015 F
94.5
S u p p l y
44.62013
7.4
11.0
23.4 1.5
45.9
2.1
92.2
11.2
44.7
0.32.1
1.2
7.7
7.2 2.9
6.2
1.1
23.7
2014 E
7.7
8.219.6
1.6
Apr 2015
33.0
20.6
22.0
42.8
Fleet end
2.3
100.3
77.5
‐0.1
20.3
0.2 1.8
2.4
7.4
92.6
111.2
0.5
15.5
23.0
45.0
2015‐03m
0.6
YoY in %
46.9
484.6
21.0
15.9
23.0
23.5
45.7
11.7
April was a steady month in the tanker market, which must be
considered quite remarkable given this month’s track record of
yielding lower rates. Several Asia refineries are delaying normal
maintenance, in response to firmer margins. OPEC production
remained near a two year high in response, led by a jump in Iraq
exports. VLCC rates on the benchmark MEG‐Asia route rose from the
WS 50 level to the mid WS60s before softening somewhat
27.6
Mar 2015
34.0
1 2 m
T / C
9.9
24.8
32.0
14.8 16.8
21.923.5
20.0 20.3
35.0
47.4
42.630.0
2014 YTD
Tankers | Freight market
S p o t 32.5
25.9
42.3
Apr 2015
1.3
1.6
2015 YTD
195.6
2015 YTD
Deliveries
15.4
52.4
2015 YTD
15.5 22.4
26.4
24.5
12.0
in %
0.5
1.4
1.9
42.0
YoY
15.0 21.5
0.0
21.5
Removals
51.9
33.0
20.7
25.0
24.5 33.9
D e m a n d
10
20
30
40
6‐Mar 20‐Mar 3‐Apr 17‐Apr
MR Clean LR1 LR2
10
30
50
70
6‐Mar 20‐Mar 3‐Apr 17‐Apr
VLCC Suezmax Aframax
19
20
21
22
23
24
25
05 06 07 08 09 10 11 12 13 14 15
# World‐wide averages
# World‐wide averages
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RS Platou Monthly April 2015
Estimated values in mill USD Second hand values, 5 years old Mill USD
310,000 dwt resale
305,000 dwt 5 years
300,000 dwt 10 years
160,000 dwt resale
160,000 dwt 5 years
160,000 dwt 10 years
115,000 dwt resale
105,000 dwt 5 years
105,000 dwt 10 years
C 75,000 dwt resale
C 75,000 dwt 5 years
C 50,000 dwt resale
C 47,000 dwt 5 years
C 47,000 dwt 10 years
C 37,000 dwt 5 years Second hand values for clean carriers, 40/45,000 dwt Mill USD
Baltic Sale
&
Purchase
Assessments
in
mill
USD
Average Baltic panel assessments
VLCC ‐ 5 years old 305,000 dwt
Aframax ‐ 5 years old 105,000 dwt
MR Prod. ‐ 5 years old 51,000 dwt
Demolition prices in USD ldt
Far East
Sub continent *
* India/Bangladesh/Pakistan
5 years second hand values in percent of newbuilding pricesSold for scrapping and other removals* in no. mill dwt
VLCC ‐ double hull
Suezmax ‐ double hull
Aframax ‐ double hull
Smaller ‐ double hull
Total ‐ double hull
Single hull
Total
* Including total loss/conversion/reclass
For tonnage
definitions,
visit www.platou.com/dnn_site/LinkClick.aspx?fileticket=CodSYdx5lSM%3d&tabid=536
RS Platou Economic Research AS
Shipbroking | Oslo 6
14
13 Apr
0
0.3
1.3
0.0
2014 YTD
0.3
3.4
37.0
0
Apr 2015
26.3
0
26.3
10
79.0
11
27
Apr 2015
79.1
23.0
18.0
325
1
375 380
54.0
30.0
27.0
2 0.0
24.0
0.3
1.0
0.1
0.1
18
375475
2.8
35.0
39.0
Apr 2014
25.0
n.a.
32.5
27 Apr
n.a.
18.0
34.0
27.0
0.0
52.0
Feb 2015
1
0.1
45.0
1
27.0
43.643.6
56.0
n.a.
4
46.0
2015 YTD
44.0
50.0
105.0
65.0
75.0
Feb 2015
37.0 37.0
41.0
Mar 2015 Apr 2015
52.0
57.5
105.0
7
0.0
0.5
30.0
24.0 24.0
Tankers | Sale and purchase
Apr 2014
0.9 1
2
56.0
18.0
37.0
30.0
1.2
40.0
17.5
56.0
105.0 105.0
46.0 45.0
36.0
71.0
59.0
45.0
59.0
With charter markets continuing to hold firm and several tanker
owners posting positive quarterly results, the optimism
experienced
throughout
the
past
few
months
is
now
firmly
established in the tanker sector. Euronav announced Q1 profits of
52.0
70.0
36.0
11
28.0
41
0
41.0
6
70.0
45.0
81.0
0.1
81.0 81.0
Mar 2015
48.0
0.0
0.4
0
$80.9m, compared to $1.4m in Q1 2014. Scorpio Tankers also
reported a large increase in Q1 profits y‐o‐y, up to $39.3m from
$1.9m
in
Q1
2014
0.0
0
25
50
75
100
125
150
175
05 06 07 08 09 10 11 12 13 14 15
VLCC Suezmax Aframax
0
10
20
30
40
50
60
05 06 07 08 09 10 11 12 13 14 15
10 years DH 5 years
50
60
70
80
90
100
110
120
05 06 07 08 09 10 11 12 13 14 15
VLCC Suezmax Aframax
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RS Platou Monthly April 2015
Average freight rates in 1,000 USD/day Weekly spot rates 1,000 USD/day
Capesize
Panamax
Supramax
Handysize
Capesize
Panamax
Supramax
Handysize
For weekly freight rates, visit www.platou.com/dnn_site/EconomicResearch/WeeklyFreightRates.aspx
Dry bulk fleet development in mill dwt
12 months T/C rates 1,000 USD/day
Capesize
Post Panamax
Panamax/Kamsarmax
Handymax/Supramax
Handysize
Total dry bulk fleet
* Including conversions
Industrial production, YoY in %
USA
Euro area
Japan
ChinaOther Asia Chinese dry bulk imports Mill tons/month
Steel production in mill tons
USA
Japan
EU27
China
Other Asia
Total world
RS Platou Economic Research AS
Shipbroking | Oslo 7
407.4 400.0
46.7
21.6
44.0
‐7.6
Bulk carriers | Freight market
44.1
‐1.8
2.3
2.3
2014 YTD
3.0
10.0
6.8
26.7
Fleet end
2014‐03m
165.6
14.6
4.9
2.2
45.2
3.8
752.6
27.6
2.4
‐1.7203.5
1.6
‐3.0
2.5
6.2
0.8
4.3
Deliveries*
23.7
6.5
7.6
2.1
20.0
2014
YoY in %
2.2
7.0
2.9
6.6
18.9
2015F
2.1
1 2 m
T / C
5.9 1.1
11.2
0.9
Apr 2015
S p o t
7.8
9.6
4.4
6.4
YoY
5.3
5.5
6.8
Only minor changes were noticed in Dry Bulk earnings over the
last month. Chinese imports of iron ore and minor bulk
commodities
recovered
significantly
from
very
low
levels
in
February, and rose more than 8 percent compared with the same
month last year. Coal imports, however, was only marginally
higher than in the previous month and 33 percent
2015 YTD
Mar 2015
Removals
7.7
4.3
9.6
7.2
5.0
6.5
7.7
2016F
5.9
0.5
12.6
13.8
51.1
155.0
2015 YTD
4.8
5.3
2.1
7.5
9.9
3.7
3.3
0.2
in %
9.4
87.9
8.3
3.1
4.6
8.5
17.3
7.2
200.1
5.5
6.5
2015‐03m
3.1
8.7 292.9
2015 YTD
Apr 2015
2.3
lower than in the comparable period last year. Steel imports to
the US dropped moderately, while fertilizer shipments to Brazil
continued
to
escalate.
Grain
export
from
South
America
increased
steadily, but ample supply of spot tonnage resulted in only
marginally higher freight rates.
2
3
4
5
6
7
8
6‐Mar 20‐Mar 3‐Apr 17‐Apr
Capesize Panamax Supramax Handysize
0
20
40
60
80
100
05 06 07 08 09 10 11 12 13 14 15
Iron ore Coal Others
0
25
50
75
100
125
150
175
05 06 07 08 09 10 11 12 13 14 15
Capesize Panamax Supramax Handysize
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RS Platou Monthly April 2015
Estimated values in mill USD Second hand values, 5 years old Mill USD
180,000 dwt resale
172,000 dwt 5 years
170,000 dwt 10 years
82,000 dwt resale
74,000 dwt 5 years
72,000 dwt 10 years
60,000 dwt resale
56,000 dwt 5 years
50,000 dwt 10 years
34,000 dwt resale
32,000 dwt 5 years
28,000 dwt 10 years
Baltic Sale & Purchase Assessments in mill USD Second hand values, 10 years old Mill USD
Average Baltic panel assessments
Capesize ‐ 5 years old 172,000 dwt
Panamax ‐
5 years
old
74,000
dwt
Super Handy ‐ 5 years old 56,000 dwt
Demolition prices in USD/ldt
Far East
Sub continent*
* India/Bangladesh/Pakistan
Sold for scrapping in no. mill dwt
Capesize 5 years second hand values in percent of newbuilding prices
Post Panamax
Panamax/Kamsarmax
Handymax/Supramax
Handysize
Total
RS Platou Economic Research AS
Shipbroking | Oslo 8
20
Apr 2015
22.0 22.0
36.0
16.0
21.0
16.3
1.1
8.7
9
16.0
11.0
13.0
2015 YTD
22.5
27.5
3
70
27 Apr
13.5
16.5
27.5
34.0
n.a.
21.5
n.a.
9.5
28.5
48.0
52.0
Diana Shipping announced the purchase of a Capesize resale,
(180,000 dwt, built 2015, Shanghai Waigaoqiao) from clients of
Scorpio Bulkers for $43m, due for delivery in August this year. This
follows Scorpio Bulkers’ recent sales of four Capesize newbuildings;
three from Daewoo Mangalia scheduled for delivery in 2015/16 and
one from Sungdong due to deliver in 2016. Other public
announcements include that of Golden Ocean Group Limited who, in
addition to other transactions, have sold four Capesize
445
31.6
13.0
28.5
21.0
Bulk carriers | Sale and purchase
63.0
83
13.0
14.6
26.0
16.0
14.5
17.5
0.6
48.0
Feb 2015
1.6
12
1.2
2.3
Feb 2015
17.0
25
0.0
13.5
22.5
34.0
360
21.5
10.0 9.5
33.0
310
16.7
22.0
49.0
0.2
31.2
28.5
Mar 2015
34.0
5.2
16.2
1.1
52 21
2.2
182
2014 YTD
0.9
40
4.6
18
Apr 2015
0
33
24
13 Apr
28.0
0.6
54
0.0
Mar 2015
16.527.0
Apr 2014
Apr 2014
11.0
16.6
11.5
Apr 2015
29.5
n.a.
40.0
385
3.7
newbuilding resales from unnamed Chinese yards. Further
information has not been forthcoming but it is thought that a Korean
buyer is behind the purchases. Golden Ocean has also agreed the sale
and charter back of eight Capesize bulkers from their affiliated
company, Ship Finance International Ltd. The price was $272m with
time charters back for 10 years at rates of $17,600 for the first 7 years
and $14,900 for the remainder; there is also a profit split above these
base rates.
375
10
0.1
0
40
80
120
160
05 06 07 08 09 10 11 12 13 14 15
Capesize Panamax Handymax
0
50
100
150
05 06 07 08 09 10 11 12 13 14 15
Capesize Panamax Handymax
50
75
100
125
150
175
200
05 06 07 08 09 10 11 12 13 14 15
Capesize Panamax Handymax
8/17/2019 2015 04 Platou Monthly Vessel
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RS Platou Monthly April 2015
Average charter rates in 1,000 USD/day 12 month T/C rates 1,000 USD/day
1,000 TEU
1,700 TEU
4,500 TEU
5.600 TEU
Container fleet development in mill TEU
Below 1,000 TEU
1,000 ‐ 1,999 TEU
2,000 ‐ 3,999 TEU
4,000 ‐ 5,999 TEU
6,000 ‐ 7,999 TEU
8,000 ‐ 9,999 TEU Building prices Mill USD
10,000+ TEU
Total container fleet
Order book in no. mill TEU
TEU
Below 1,000
1,000 ‐ 1,999
2,000 ‐ 3,999
4,000 ‐ 5,999
6,000 ‐ 7,999
8,000 ‐ 9,999
10,000+
Total
China Containerized Freight Index (CCFI) USD/TEUNew orders in no. mill TEU
Below 1,000 TEU
1,000 ‐ 1,999 TEU
2,000 ‐ 3,999 TEU
4,000 ‐ 5,999 TEU
6,000 ‐ 7,999 TEU
8,000 ‐ 9,999 TEU
10,000+ TEU
Total
RS Platou Economic Research AS
Shipbroking | Oslo 9
54
0.00
0.01
0
19
0.19
0
0.18
0.00
0
0.00
0.04 0.00
0.00
1.09 57
0
1.01
0.00
27
15
0.12 42
310.25
0.01
0.78
0.08
0.00
11
2
0.05
15
21
0.00
0.00
0.02
178
0.76
0
18.0
‐0.80.03
7
0.01
53
0.00
0.03
0.070.08
1.34 87
0
0
1.14
0
42
0.04
0.75
56
2
0
14.8
6.8
4.56 1.4
0.03
1.87
Apr 2015
Apr 2015
Mar 2015
YoY
9.3
Cellular container ships
Rest 2015 2016 2017+
2014 2015 YTD Apr 2015
0
32
42
6
0
0.00
57
0.00
0.19
Box rates continued to drop in most trade lanes over the last
month. A continued inflow of new capacity delivered from yards
combined
with
limited
scrapping
activity
resulted
in
higher
fleet
growth than demand increase. Port statistics suggests European
box volumes rose less than 5 percent, while US container imports
from Asia climbed 3 percent and from Europe by 7 percent.
0.60
0.0
0.00
0.72
2.53
in %2015 YTD
0.00
2
0.48
0
14.7
0.07
0
4
43
3.64
2.32
2015 YTD
0.00
18.0
0.53
7.5
81
8.0
0.00
155
0.00
0.00
155
2014 YTD
3.69
Removals
7.9
0.03
28.2
0.92
1.73
0.15
Fleet end
2015 YTD
12.7
0.010.00
0.00 0
0.060.05
22
0
Total
0.11
151
0.02
17.1
0.74
2 0
0.01
Deliveries
52
18.62
In the emerging trades, box volumes increased further, but a
somewhat slower pace to Africa and South America than in recent
months.In the charter market, a couple of fixtures were noticed at
generally unchanged rates compared with one month ago.
0.00
0.00
6.0
‐3.4
0.02
7.0
0.01 0.00
95
9
2
420
82
0
8.0
0.000.01
0.25
0.01
0
3.49
0.66
14.8
3
11.1
7.4
6.9
0.29
1.5
0
20
40
60
80
100
120
05 06 07 08 09 10 11 12 13 14 15
9,000 TEU 6,000 TEU 4,500 TEU 1,700 TEU*
* Geared
0
10
20
30
40
50
60
05 06 07 08 09 10 11 12 13 14 15
5,600 TEU 4,500 TEU 1,700 TEU 1,000 TEU
750
1 000
1 250
1 500
1 750
2 000
2 250
10 11 12 13 14 15
China to N. Europe China to S. Europe
China to USWC China to USEC
8/17/2019 2015 04 Platou Monthly Vessel
10/13
RS Platou Monthly April 2015
Average charter rates in 1,000 USD/day Freight rates 1,000 USD/day
138‐145k cbm ST‐Spot
155‐160k cbm DFDE‐T/C
LNG carrier fleet development in no. mill cbm
1,000 cbm
10‐50
50‐100
100‐200
200+
Total
Order book in no. / mill cbm Building prices for LNG carriers Mill USD
1,000 cbm
10‐50
50‐100
100‐200
200+
Total
New orders in no. / mill cbm
1,000 cbm
10‐50
50‐100
100‐200
200+
TotalNatural gas prices USD/mmbtu
LNG imports in mill mt
Japan
Korea
China
RS Platou Economic Research AS
Shipbroking | Oslo
2015 YTD
0.42
0
73
0 0.00.00 0
Apr 2015
0.61
10.30
352
0.00
0.00 2
0
0
26 13.576.32
0.000.00 0
Apr 2015
11
‐33.4
6.69
0.00
34
430
0.00
0
0.10
Rest 2015
0
3
‐19.5
‐8.9
67
2014
2016
3
2015 YTD
0
4.50
0
0.00
42
0.00
4.29
13.67
24.3
10.3
5.1
2.4
1.06 0
0.00
2014‐04m 2015‐03m
0.12
0 1 0.26
0.00
9
11.50 6
8
142
45
79
5
0
Deliveries
0.00 0
158
Apr 2015
0.26
0.11
82
0.00
1.81
15
11
0.00
0.23
0.10
72
0.21
0
0
1.16
25
2 63.08
41
0.00
2014 YTD
0.00
12.1
LNG carriers
in %
0.0
25
0 0
3724.18
0.16
24.86
1.81
38
Short term rates remained under pressure as demand for tonnage
continued to be weak and fleet growth were at its highest level
since
2010.
Yemen
LNG
declared
force
majeure
and
halted
all
production from the 6.7 mill mt facility due to the security
situation in the vicinity of Balhaf. Shell announced a $70 bln bid
for BG Group which will create a new huge player in the LNG
arena. Following shell takeover of the LNG assets of Repsol last
80
31
2015 YTD2015 YTD
0.00
Fleet end
0.00
Mar 2015
0.16
Removals
0
4
YoY in %
23.7
12.8
5.6
44
2560
0 0.00
0.00
10
11.62
Total 2017+
0.00
1
9.2
51.95
YoY
year, its global volume were taken to around 24 mill mt which will
increase to more the 40 upon completion of the BG merger. In
Japan,
a
court
rejected
a
bid
to
block
the
restart
of
two
nuclear
reactors operated by Kyushu Electric Power Co., easing the way for
the resumption of nuclear power in Japan for the first time in
more than a year and a half.
125
150
175
200
225
250
05 06 07 08 09 10 11 12 13 14 15
155k cbm 173k cbm
0
5
10
15
20
25
30
05 06 07 08 09 10 11 12 13 14 15
Henry Hub NBP LNG spot Asia
0
20
40
60
80
100
120
140
160
05 06 07 08 09 10 11 12 13 14 15
Spot, 145k steam 12m T/C, 160k DFDE
8/17/2019 2015 04 Platou Monthly Vessel
11/13
RS Platou Monthly April 2015
Tank
Capacity Shipyard Owner Reported price/unit Delivery
2 x 155,000 dwt Samsung HI Cardiff Marine Inc. 2016
4 x 115,000 dwt Samsung HI Cardiff Marine Inc. mill USD 2017
4 x 115,000 dwt Samsung HI Unisea Shipping Ltd. 2017
2 x 75,000 dwt Hyundai Vinashin D'Amico Soc. di Nav. mill USD 2017
2 x 38,000 dwt Kitanihon Zosen Doun Kisen K.K. 2018
Bulk
Capacity Shipyard Owner Reported price/unit Delivery
6 x 38,000 dwt Tsuneishi Cebu Unknown Japanese 2017
Container
Capacity Shipyard Owner Reported price/unit Delivery
2 x 10,000 TEU Jiangsu New YZJ Seaspan Corporation 2017
5 x 10,500 TEU Hyundai Samho HI Hapag‐Lloyd Cont 2016
5 x 11,000 TEU HHIC‐Phil. Inc. Seaspan Corporation 2017
3 x 20,600 TEU HHIC‐Phil. Inc. CMA‐CGM 2017
LPG
Capacity Shipyard Owner Reported price/unit Delivery
2 x 85,000 cbm Jiangnan Changxing CSSC Shipping (HK) 74 mill USD 2017
PCTC
Capacity Shipyard Owner Reported price/unit Delivery
1 x 3,800 cars CSC Jinling Shipyard Anji Automotive 2017
2 x 6,400 cars Hyundai Samho HI NOCC 2016/17
4 x 6,400 cars Minami Nippon Mitsui O.S.K. Lines 2017/18
RS Platou Economic Research AS
Shipbroking | Oslo
44
11
57.5
Representative reported newbuilding contracts
8/17/2019 2015 04 Platou Monthly Vessel
12/13
RS Platou Monthly April 2015
Tank
Name Capacity Built Price Buyers Comments
Olympic Hawk dwt 2000/Korea mill USD Hong Kong
Beijing Sunrise dwt 2009/Korea "
Dalian Glory dwt 2011/Japan mill USD China ENBLOC
Chemical Product
Name Capacity Built Price Buyers Comments
Clio 113 000 dwt 2008/China Region 36 mill USD Germany
Stavanger Prince 109 000 dwt 2002/China 19.3 mill USD Greece
Atlantik 105 000 dwt 1998/Korea 12.5 mill USD Ukraine
Alga 38 000 dwt 2012/Korea 27.25 mill USD Denmark
Maemi 20 000 dwt 2008/Japan Region 23 mill USD Netherlands
Odin 19 000 dwt 2003/Portugal 9.8 mill USD Undisclosed
Bulk
Name Capacity Built Price Buyers Comments
Chitose 171 000 dwt 2000/Japan " "
Onoe 173 000 dwt 2000/Japan 18.9 mill USD Greece ENBLOC
Prabhu Mohini 81 000 dwt 2011/Korea 17.5 mill USD Greece
Prabhu Sher 81 000 dwt 2011/Korea 17.95 mill USD Greece
Unity Pride 81 000 dwt 2011/Korea 17.7 mill USD Greece
Shiyo 78 000 dwt 2001/Japan Region 7 mill USD Undisclosed
Dewi Laksmi 76 000 dwt 2011/China 12.2 mill USD Greece
Agios Efraim 73 000 dwt 1998/Korea 4.5 mill USD China
Pontodamon 73 000 dwt 2000/Korea Excess 6 mill USD Undisclosed
Noble Hawk 56
000 dwt 2007/Japan Low
12 mill
USD Undisclosed
Kite 47 000 dwt 1997/Korea 4.7 mill USD Undisclosed
Sea Rose 46 000 dwt 1995/Japan 4.5 mill USD China
Amber Halo 45 000 dwt 1995/Japan 3.9 mill USD Undisclosed
Aristea M 45 000 dwt 1997/Korea 4.8 mill USD Undisclosed
Orchid Ocean 45 000 dwt 1994/Japan 4 mill USD China
Zenovia 44 000 dwt 1992/Japan 3.4 mill USD China
Blackfin 43 000 dwt 1995/Korea 4.2 mill USD Undisclosed
Don Frane Bulic 43 000 dwt 1997/Croatia 3.55 mill USD Greece
New Sailing Star 33 000 dwt 2010/China 6.5 mill USD Taiwan
Dobrota 29 000 dwt 1995/China 3 mill USD Turkey
Indigo Ocean 29 000 dwt 2008/Japan 9.25 mill USD Turkey
Sanaga 28 000 dwt 1998/China High
3 mill
USD Undisclosed
Stones 28 000 dwt 2001/Germany 20.2 mill USD Canada
Kotsikas 27 000 dwt 1996/Korea 3.9 mill USD Syria
RS Platou Economic Research AS
Shipbroking | Oslo
300 000
113 000
34.5
"
Representative second hand sales
302 000 165
12
8/17/2019 2015 04 Platou Monthly Vessel
13/13
RS Platou Monthly April 2015
Os o
RS Platou ASA RS Platou Shipbrokers
Munkedamsveien 62C Sale and Purchase +47 2311 2500 [email protected]
0270 Oslo Newbuilding +47 2311 2650 [email protected]
Norway Tank +47 2251 0520 [email protected]
Tel: +47 2311 2000 Dry Cargo +47 2311 2450 [email protected]
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Tel: +41 22 715 1800 USA Tel: +7 495 787 9922
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[email protected] Fax: +1 281 445 1090 [email protected]
Piraeus Shanghai Singapore
RS Platou Hellas Ltd. RS Platou ASA Shanghai Repr. Office RS Platou (Asia) Pte. Ltd.
1‐3 Filellinon Str. Lippo Plaza, Unit 2212‐2213 3 Temasek Avenue
185 36 Piraeus 222 Huai Hai Zhong Road # 20‐01 Centennial Tower
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Tel: +30 210 4294 070 Tel: +86 21 5396 5959 Tel: +65 6336 8733
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RS Platou Economic Research AS
While care has been taken to ensure the information in this report is accurate, it is a general
guide and not intended to be relied upon for any specific purpose. RS Platou ASA, its
affiliates, directors and employees are not responsible or liable for any losses or conse‐
quences, whatsoever, arising from any errors, lack of correctness, inaccuracy or
incompleteness of the information contained herein. Reproducing any materials from this
report without prior approval from RS Platou ASA is strictly forbidden. All matters relating to
this report
shall
be
governed
by
the
laws
of
Norway,
and
any
dispute
arising
in
respect
of
this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo as
legal venue.
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