WEEKLY SHIPPING MARKET REPORT

Transcription

1 WEEKLY SHIPPING MARKET REPORT WEEK 36 (30 th August to 5 th September 2014) Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Shiptrade Services S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by: Shiptrade Services S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: market-research@shiptrade.gr Shiptrade Services S.A. Tel snp@shiptrade.gr 1st Floor, 110/112 Notara Street Fax chartering@shiptrade.gr Piraeus, Greece tankerchartering@shiptrade.gr

2 Top Stories: Shipping, Commodities & Global Economy China now gets more oil from the Middle East than the US does China is quickly overtaking the United States as the world s biggest importer of oil. Not only that, but China now buys more crude oil from the Middle East than the US does a shift that some experts think could have big geopolitical implications in the years ahead. Roughly half of China s imported oil now comes from the Persian Gulf, whereas America s reliance on Middle Eastern crude has been steadily shrinking in recent years. Here s a good map from Bruce Jones, David Steven, and Emily O Brien of the Brookings Institution laying out China s situation: China currently imports around 5.6 million barrels of oil per day on net, with about half of those imports coming from the Persian Gulf region. As the map shows, Saudi Arabia, Iran, Oman, and Iraq dominate the list (as do Russia and Angola) and most of the oil flows through the Strait of Malacca, a vulnerable chokepoint. The United States, meanwhile, now imports around 5 million barrels per day, and its list is quite different. Only 41 percent of US oil imports now come from the Persian Gulf (mostly from Saudi Arabia). By contrast, more than half of US oil imports come from Canada and Mexico: Where US oil imports come from: Why does any of this matter? On one very basic level, where people get their oil isn t overly important. Oil prices tend to rise and fall together all over the world, no matter the source, and an oil spike that crushed China s economy would hurt America s economy too. But as the Brookings paper notes, China is becoming much more directly dependent on Middle Eastern oil than the United States is, and that fact alone could have big implications for geopolitics for the region. The United States has long been exposed to the geopolitical risks associated with energy production and transit, but now, increasingly, so too are the Asian powers, the authors write. Chinese and Indian policymakers are scrambling to understand these risks and to work out how to manage them. They also note that the impact on the psychology of American policymakers could be profound: American strategists, meanwhile, may be tempted to fulfill Chinese fears and use energy as a source of pressure on its most significant rival. Others will see an opportunity to disengage from the Middle East during a period of fiscal austerity, leaving Beijing and Delhi to take responsibility for the troubled region. (The Brookings paper argues against both these approaches see the full piece for more.) Why China has surpassed the US in oil imports It s worth noting that China s position as the world s top oil importer is relatively new. For many decades, the United States was the undisputed champion of oil importing. This was basically the one fact that most people knew about US energy policy that the country was way more dependent on foreign oil than anyone else. But that s now changing. The Energy Information Administration estimates that China surpassed the US in net oil imports sometime around the fall of 2013: Part of this is due to China s rapid growth, as more and more people are driving. Part of it is due to the fact that China has been slow to develop its own domestic oil resources. So the country has to seek out petroleum abroad. But another big factor has been changes in the United States. Thanks to the fracking boom in places like Texas and North Dakota, the US is producing more and more of its own crude oil. At the same time, improvements in fuel efficiency and a slowdown in rates of driving means that the United States is reducing its oil consumption. Add those two together, and imports are dropping. Further reading: Here s an excellent Wall Street Journal story from last year predicting that China would soon overtake the US as a buyer of Middle Eastern oil. Source: VOX Shiptrade Services S.A. Weekly Market Report 2

3 Secondhand Sales Bulk Carriers Sale & Purchase Name Dwt YoB Yard SS Engine Gears Price (mill.) Buyer Jindal Varad B&W, Den 10/2014 Sulzer - $5.8 UAE based Bao Bright Hantong, Chn 05/2016 B&W 4 x 36 T $19.6 Greek Alam Aman II Minami Nippon, Jpn 06/2016 B&W 4 x 30 T $12.5 Lebanese Chc No Mitsui, Jpn 02/2015 B&W 4 x 30 T $9.2 S. Korean Theomitor Kanda, Jpn 07/2018 Mitsubishi 4 x 30 T $6.8 Undisclosed Forte Shin Kurushima, Jpn 05/2016 Mitsubishi 4 x 30 T $7.8 Greek (Team Fuel) Birch Wuhu, Chn 03/2019 B&W 3 x 30 T $5.3 European Swegard Damen Hoogeza, Neth 01/2015 Mak - $2.4 Undisclosed Secondhand Sales - Tankers Name Dwt YoB Yard SS Engine Hull Price (mill.) Buyer Pluto Glory Daewoo, Kr 02/2016 Sulzer DH $25.0 Cygnus Voyager Sirius Voyager Altair Voyager IHI, Jpn 03/2018 Sulzer DH Ivi Ishibras, Bra Ivi Ishibras,Bra 10/2014 Sulzer DH 10/2018 Sulzer DH Beech Dalian, Chn 04/2018 Sulzer DH $23.5 Beech Dalian, Chn 09/2017 Sulzer DH ( enbloc) SC Sara Holy Victoria x SSP resales / 2015 Sumitomo, Jpn Minami Nippon, Jpn n/a Greek (NGM Energy) USA Buyers (Chevron) S. Korean (Sinokor) 10/2016 Sulzer DH $17.2 Indonesian 10/2018 B&W DH $29.0 SPP, Kr - - DH $38.0 (each enbloc including TC) Greek (Prime Marine) S. Korean (Sinokor) Pearl Naomi Niigata, Jpn 10/2017 Niigata DH $12.0 Undisclosed Alfateam Dearsan,Tur 10/2015 B&W DH n/a Undisclosed Shiptrade Services S.A. Weekly Market Report 3

4 Secondhand Sales - Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer Santa Felicita Flender, Ger 01/2017 B&W Westwood Cascade As Poseidon Vega Turmalin Flender, Ger 02/2016 B&W Gdanska Stocznia, Pol Tianjin Xingang, Chn 2 x 35 T 2 x 45 T 2 x 35 T 2 x 45 T $7.7 (each enbloc) Norwegian - B&W 3 x 45 T $5.0 Greek 06/2019 Sulzer 2 x 45 T $2.9 UAE based Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years Capesize Panamax - Kamsarmax Supramax - Ultramax Handysize Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years VLCC Suezmax Aframax Panamax MR Shiptrade Services S.A. Weekly Market Report 4

5 Newbuilding Orders - Bulkers Newbuilding & Demolition No Type Dwt Yard Delivery Owner Price (mill.) Comments 1 Ultramax Onomichi, Jpn 2018 Inui Steamship n/a 1 Ultramax Onomichi, Jpn 2018 Triton Navigation n/a 2 Supramax Tsuneishi Zhousan, Chn 2016 Pacific Basin n/a 5 Handysize Zhejiang Zeghou, Chn 2015/16 Interlink $ option Newbuilding Orders - Tankers No Type Dwt Yard Delivery Owner Price (mill.) Comments 3 LNG cbm HHI, Kr 2017 Hyproc $ Suezmax Sungdong, Kr 2016/17 Breakwater $ option 4 Suezmax DSME, Kr 2016/17 Maran Gas $ option 2 VLOC Henghou Guangzhou 2015/16 Industrial Longxue, Chn Investments $ MR Onomichi, Jpn 2018 Samos Steamship n/a Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments Olympic Flair Takner Pakistan Bao Zhong 218 BC China Rio Lerma BC India Marcajama Container n/a As is Malta Fesco Uelen RORO Bangladesh Majestic Reefer Bangladesh Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan China Turkey Shiptrade Services S.A. Weekly Market Report 5

6 Baltic Indices (Friday Closing Values) 1 year T/C rates ($/day) Dry Bulk Chartering Index Week 36 Week 35 Change (%) BDI BCI BPI BSI BHSI Type Size (k dwt) Week 36 Week 35 Change (%) Capesize Panamax Supramax Handysize Average spot rates ($/day) Type Size (k dwt) Route Week 36 Week 35 Change (%) Capesize Panamax Supramax Handysize F. East - ATL Cont/Med - F. East F. East RV TransAtlantic RV F. East - ATL ATL - F. East Pacific RV TransAtlantic RV F. East - ATL ATL - F. East Pacific RV TransAtlantic RV Far East - ATL ATL - F. East Pacific RV TransAtlantic RV Shiptrade Services S.A. Weekly Market Report 6

7 Baltic Indices (Friday Closing Values) 1 year T/C rates ($/day) Tanker Chartering Index Week 36 Week 35 Change (%) BCTI ,00 BDTI ,12 Type Size (k dwt) Week 36 Week 35 Change (%) VLCC ,00 Suezmax ,00 Aframax ,00 Panamax ,00 MR ,00 Average spot rates ($/day) - Crude Type Size (k dwt) Route Week 36 Week 35 Change (%) VLCC Suezmax Aframax Average spot rates ($/day) - Products 280 AG - USG , WAFR USG , AG - East / Japan , B. Sea - Med , WAF - USAC , CBS - USG ,12 80 N. Sea - UKC ,76 80 MED - MED ,42 70 Caribs - USG ,71 Type Size (k dwt) Route Week 36 Week 35 Change (%) Clean Dirty 75 AG - Japan ,89 55 AG - Japan ,19 38 Caribs - USAC ,27 37 Cont - TA ,21 55 Cont - TA ,00 50 Caribs - USAC ,21 Shiptrade Services S.A. Weekly Market Report 7

8 Exchange Rates Bunker Prices Commodities Key Indicators & Stock Markets Currency Week 36 Week 35 Change (%) EUR / USD 1,2959 1,3143 1,40 USD / JPY 104,89 104,04 0,82 USD / KRW ,09 USD / NOK 6,28 6,19 1,45 Port IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Commodity Week 36 Week 35 Change (%) Brent Crude (BZ) 101,23 102,80 1,53 Natural Gas (NG) 3,81 4,04 5,59 Gold (GC) ,63 Copper 315,70 316,85 0,36 Wheat (W) 534,25 562,00 4,94 Shiptrade Services S.A. Weekly Market Report 8

9 Shipping Stock Prices - Dry Bulk Key Indicators & Stock Markets Company Stock Exchange Week 36 Week 35 Change (%) Baltic Trading Ltd (BALT) NYSE 5,70 5,82 2,06 Diana Shipping Inc (DSX) NASDAQ 10,31 10,55 2,27 Dryships Inc (DRYS) NASDAQ 3,22 3,30 2,42 Euroseas Ltd (ESEA) NASDAQ 1,18 1,14 3,51 Eagle Bulk Shipping Inc (EGLE) NASDAQ 1,14 1,11 2,70 Freeseas Inc (FREESE) NASDAQ 0,47 0,58 18,97 Navios Maritime (NM) NYSE 9,09 9,38 3,09 Navios Maritime PTN (NMM) NYSE 19,95 19,38 2,94 Paragon Shipping Inc (PRGN) NASDAQ 5,16 5,10 1,18 Star Bulk Carriers Corp (SBLK) NASDAQ 14,64 13,73 6,63 Seanergy Maritime Holdings Corp (SHIP) NASDAQ 1,60 1,46 9,59 Safe Bulkers Inc (SB) NYSE 8,32 8,63 3,59 Golden Ocean (GOGL) Oslo Bors (NOK) 9,89 10,21 3,13 Shipping Stock Prices - Wet Company Stock Exchange Week 36 Week35 Change (%) Capital Product Partners LP (CPLP) NASDAQ 10,23 10,93 6,40 TOP Ships Inc (TOPS) NASDAQ 1,98 2,05 3,41 Tsakos Energy Navigation (TNP) NYSE 7,31 7,63 4,19 Shipping Stock Prices - Other Company Stock Exchange Week 36 Week 35 Change (%) Aegean Maritime Petrol (ANW) NYSE 10,02 10,00 0,20 Danaos Corporation (DAC) NYSE 5,73 5,74 0,17 StealthGas Inc (GASS) NASDAQ 9,30 9,77 4,81 Rio Tinto (RIO) NYSE 52,63 53,74 2,07 Vale (VALE) NYSE 12,50 13,08 4,43 ADM Archer Daniels Midland (ADM) NYSE 49,99 49,90 0,18 BHP Billiton (BHP) NYSE 66,54 68,53 2,90 Shiptrade Services S.A. Weekly Market Report 9