2015 04 platou monthly vessel

8/17/2019 2015 04 Platou Monthly Vessel

1/13

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


2/13

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


3/13


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



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


4/13


5/13


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



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


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


6/13


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


115,000 dwt resale

105,000 dwt 5 years


C 75,000 dwt resale

C 75,000 dwt 5 years

C 50,000 dwt resale



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



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


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



7/13


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



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


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


8/13


Estimated values in mill USD Second hand values, 5 years old Mill USD

180,000 dwt resale

172,000 dwt 5 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



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


50

75

100

125

150

175

200

05 06 07 08 09 10 11 12 13 14 15



9/13


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



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


10/13


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


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


11/13


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


6 x 38,000 dwt Tsuneishi Cebu Unknown Japanese 2017

Container


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


2 x 85,000 cbm Jiangnan Changxing CSSC Shipping (HK) 74 mill USD 2017

PCTC


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


Shipbroking | Oslo

44

11

57.5

Representative reported newbuilding contracts


12/13


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


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


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


Shipbroking | Oslo

300 000

113 000

34.5

"

Representative second hand sales

302 000 165

12


13/13


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]

Fax: +47 2311 2300 Car +47 2311 2600 [email protected]

[email protected] Economic Research +47 2311 2000 [email protected]

RS Platou Offshore RS Platou Markets AS RS Platou Project Finance AS

Tel: +47 2311 2000 Tel: +47 2201 6300 Tel: +47 2311 2000

Fax: +47 2311 2388 Fax: +47 2201 6310 Fax: +47 2311 2327

[email protected] [email protected] [email protected]

Geneva Houston Moscow

RS Platou Geneve SA RS Platou Houston, Inc. RS Platou ASA, Moscow

19, Rue de la Corraterie 1221 McKinney St. Bronnaya Plaza, Bldg. 1, Floor 7

CH‐1204 Geneva Suite 3275 32, Sadova‐Kudrinskaya St.

Switzerland Houston, Texas 77010 Moscow 123001, Russia

Tel: +41 22 715 1800 USA Tel: +7 495 787 9922

Fax: +41 22 715 1820 Tel: +1 281 445 5600 Fax: +7 495 787 9929

[email protected] Fax: +1 281 445 1090 [email protected]

[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

Greece Shanghai 200021, China Singapore 039190

Tel: +30 210 4294 070 Tel: +86 21 5396 5959 Tel: +65 6336 8733

Fax: +30 210 4294 071 Fax: +86 21 5396 5665 Fax: +65 6336 8740



[email protected] [email protected]


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.

Contact list

2015 04 platou monthly vessel

Documents