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09 de diciembre de 2023 - Año XXVII
Periódico independiente sobre economía y política de transporte
18:55 GMT+1
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The transport of refined oil products in 2004
 

The freight market
     Handysize
     Medium Range
     Long Range  
Demand for shipping 
Second-hand market

see also The crude oil transport

For the second year in a raw, 2004 will remain a memorable year for owners, since the market for product tankers registered an increased level of average daily returns. There has been a progress of over 20 % for all size of ships both for spot and period business.

As in 2003, the exceptional rise in this market has been due to the high level of growth in the US and the Far East, even if the development of the "paper" market, aided by some speculation particularly on the TC1 (75,000 mt naphtha Middle East Gulf / Japan) and the TC2 (33,000 mt UMS Continent / US Atlantic Coast) routes, helped contribute to the strong performance of the freight market.

The rise in rates, which began in December 2003, peaked in February, with daily returns approaching $ 40,000 per day. The drop registered in the months of March and April corresponded to an easing in the fuel oil market, before rates started to perk up again in May and June at around $ 25,000 per day. The traditional low point in the summer was around $ 20,000 per day and the expected recovery came at the beginning of October, which allowed the Medium Range product carriers (MR) to enjoy once again returns of $ 40,000 per day, whereas the Long Range (LR) were flirting with the $ 60,000 per day level.

Like last year, the rates paid for period charters were largely lagging behind the spot market. Nonetheless, if charterers were reticent about committing themselves to long term business at high levels, they accepted to pay record levels for shorter periods and started using floating rates agreements indexed on the spot market or linked to a profit sharing scheme.

However, whilst the market was able to absorb the some 130 MR ships, totalling 5.5 million dwt delivered in 2004, there is some doubt as to the chances of repeating this exploit in 2005, 2006, and 2007'
 

The evolution of product tanker freight rates in 2004
 

Yields for Handysize ships surpassed those obtained in 2003 by more than 20 % at nearly $ 25,000 per day, despite the "ice class" premium being virtually non-existent due to the mild winter season which started in 2004. Whilst these ships were most frequently employed in the Atlantic zone, some started to find employment around the Far East, especially the "shallow draft" units with a capacity of 45,000 cbm.
 


 

Within the European zone, both in North Europe as well as in the Mediterranean - Black Sea area, over half of the fleet was used once again in the transport of fuel oil and crude, with owners not hesitating to switch from clean to dirty and vice-versa, based on the rates differentials that could be obtained respectively in both sectors.

Charterers were not really keen to commit themselves to long period business due to the high expectations of owners, but starting in October and facing a strong surge in spot rates, they finally had to accept paying levels above $ 20,000 per day for periods of 12 to 18 months.
 


 

Bro Etienne
37,179 dwt, delivered in 2004 by Jinling, owned by Brostr'm Tankers

Ships operating in the Atlantic benefited from the sustained level of American demand for gasoline and fuel oil. Daily returns for a 33,000 t voyage - UMS - Continent / US, varied between $ 16,250, at the bottom of the market during the summer, to $ 40,000 per day in February and December, with the annual average working out at $ 26,500 per day.

Parallel to this, a traffic of gas oil developed between the US Gulf and Europe. In 2004 Europe imported 11.5 million barrels of gas oil from the US, which is the equivalent of 13 % of the American production.

As in 2003, ships operating in the East of Suez took advantage of the economic strength of the Far East zone, led by the growth in China, India, and Japan. Despite a seasonal decline in the spring, returns remained comfortably above $ 20,000 per day, notably after the month of October.

Long term period business was scarce, but traders such as Vitol, Trafigura, and especially Glencore were very active in the short period business (3 to 12 months) and did not hesitate to pay rates above $ 30,000 per day to the extent that they were able to hedge their positions on the "paper" market.
 


 

Garonne
37,178 dwt, delivered in 2004 by Hyundai Mipo, operated by OMI Corp.

The LR2 and the LR1 were also particularly helped by the strong demand coming from throughout the Far Eastern zone, notably China and Japan. As from mid-September, daily returns went from $ 30,000 to $ 60,000 per day for the LR1, whereas the LR2 were over $ 70,000 per day.

In this sector of the market, the "paper" business has an important role, but if the route TC1 (LR2 - 75,000 mt - Middle East Gulf / Japan) was heavily traded at the beginning of the year, it soon became obvious that the market was far more liquid on the TC5 route (55,000 mt - Middle East Gulf / Japan).

The market was also well supported by the numerous movements of kerosene from the Middle East Gulf to Europe and by the European exports of distillate and gasoline to the US.

Some long term period business was concluded on ice-class LR2 ships, but it was the LR1 size which was being sought after for trading clean products, fuel oil and crude. The majority of these fixtures were done in the first half of the year, which explains why the rates were around the $ 22,000 / 23,000 per day for periods of 3 years.

Despite the large number of new ships being delivered, 2005 should again be a year favourable to owners of product tankers. Even with a considerable increase in modern tonnage, the complete renewal of the fleet will be far from being accomplished by the end of 2005.

Delivery of new ships should result in: 

  • ships from 30 to 40,000 dwt: 48 ships totalling 1.75 million dwt,

  • ships from 40 to 55,000 dwt: 78 ships totalling 3.70 million dwt,

  • ships from 55 to 90,000 dwt: 40 ships totalling 2.75 million dwt, to which will be added some 20 coated Aframax tankers totalling nearly 2.0 million dwt.

Supply of tonnage will therefore increase significantly especially since the demolition level is low. At current rates, even the simple decision to put a vessel in technical lay-up is to be taken by the top management of the company. Notwithstanding, at the end of 2005, the Major's eligible fleet will only comprise some 650 ships for a little less than 30 million dwt against over 950 ships and 35.0 million dwt at the beginning of 1999.
  


 

The withdrawal of the older ships has been postponed due to the fact that certain niche business continues to be very remunerative: gas oil movements from the Black Sea, clean products for West Africa or even the market for vegoils and molasses. In addition, the high freight levels have convinced several owners to undertake necessary refitting work to obtain the mandatory certificates (C.A.S. / CAP 1 or 2), which will allow them to operate their ships beyond their twentieth anniversary.

(C.A.S.=Condition Assesment Scheme)

Nonetheless the international safety measures and the vetting services of oil companies continue to put pressure on owners of old vessels, whose days are numbered. We predict therefore that demolition will gradually increase throughout the coming year.
 


 

Cape Limboh
15,305 dwt, built in 2003 by Okean shipyards for Petromarine

Demand for shipping of clean and dirty products bound to the American zone or the Far East has been, like in 2003, the main factor maintaining the healthy state of the freight market.

Once again, it was the fuel oil market in the Atlantic zone which sparked off the rise in rates in mid-September. At the end of November only, rates obtained by the clean products have catched up with the levels achieved by fuel oil and crude. The clean products followed this trend a month later and they were able to match and then overtake the dirty product rates only by the end of November.

In the Far East, the increase in rates started at the beginning of September, namely two months earlier than usual. Then the very high levels tended to tumble, as much due to lack of available tonnage as due to technical shutdowns at several refineries in the Middle East Gulf.

However, the fundamental explanation is the continuing high level of imports, resulting from a lack of local refineries able to meet domestic demand in oil products. It is known that in the US ecological factors are curbing the expansion of refinery capacity and that the increase in capacities are not keeping pace with the demand in the Far East.

Under these conditions, the demand for transport of refined oil products should continue to increase in 2005, especially as the trend toward longer trade routes is likely to continue. There are even some projects being carried out to transport naphtha and condensate from the Mediterranean to China!

***

As we stated last year, "it is unavoidable that the large number of vessels being delivered in the next 2 to 3 years will affect the product tankers market". One can add that there has been some doubt expressed recently as to the persistence of the American growth and the reliability of the Chinese expansion (at the current pace of 9.5 % per year, the Chinese economy will double within 6 years)'.and finally cannot exclude the risk of a financial crisis in the Asian zone.
Nonetheless, except a major event, the year 2005 gives every sign of being propitious to product tankers owners. The arrival of over a hundred new ships should however dampen the volatility of the market and cause a modest drop in the daily average returns.
 

 
The product tankers second-hand market
 

The steady rise of product tankers freight rates during the year 2004 also had an impact on second-hand values. In a higher volume of transactions (around 150 Medium Range and Handy product tankers built since 1980 have changed hand in the course of the year) prices have dramatically risen.

The value of a five year-old standard double-hull 45,000 tonner, which was around $28 million at the end of 2003, progressed to $32 million by the end of June and up to an average of $39 million in December.

This rise also applied to the older units as, for instance, the value of a 20 year, single-hull, 45,000 dwt started at around $5 million in January 2004, to reach $7 million at the end of June and ended the year at around $9 million.

Lastly, a single-hull 40,000 dwt product tanker built at the end of the 1980's, for which one had to spend $11.5 million at the end of 2003, ended the year at around $16 million.
 


see also: the crude oil transport



Shipping and Shipbuilding Markets in 2004

I N D E X

›››Archivo
DESDE LA PRIMERA PÁGINA
En el tercer trimestre récord del tráfico de los cruceros en el puerto de Civitavecchia.  Disminución de bienes
En el tercer trimestre récord del tráfico de los cruceros en el puerto de Civitavecchia. Disminución de bienes
Civitavecchia
En los primeros nueve meses de 2023, las cargas ascendieron a 7,1 millones de toneladas (-7,9%)
Resolución de la OMI para detener la actividad de las flotas de sombra utilizadas para eludir las sanciones
Londres
Exhortación a los países de la aprobación a inspeccionar escrupulosamente los buques que realizan operaciones de envío
La Comisión Europea ha actualizado la lista europea de instalaciones de reciclado de buques
Bruselas
Incluye 45 yardas, de las cuales 26 están en la Unión Europea
Un único contenedor del UNO en fracaso en el Canal de Suez
Ismailia
El tráfico naval no ha sido interrumpido
Hoekstra confirma la estrategia para mitigar el impacto del RCDE en los puertos de la UE, pero especifica que la supervisión se realizará de forma continua
MSC en conversaciones para adquirir la empresa de logística francesa Clasquin
Lyon
Después de obtener el 42% por ciento del capital, se hará una oferta por la participación restante.
MCL Feeder Services irá bajo la propiedad de Unifeeder
Aarhus
Ambas empresas operan servicios de alimentación en el Mediterráneo
Sazan Corporation entra en el segmento Naval del Pure Car and Truck Carrier
Vancouver
Adquirirá barcos de garaje que serán fletados a Hyundai Glovis
Proyecto de creación de un vehículo autónomo para el transporte combinado ferrocarril-carretera
Bosques
Es desarrollado por el Glid Technologies que ha firmado un acuerdo con el Puerto de Woodland
Koper confirma el primer puerto contenedor del Adriático
Koper
Ya se ha superado la cuota de un millón de teu sin incidencias desde el comienzo del año
Tres barcos atacados en el Mar Rojo
Tampa/Londres
Misiles y drones lanzados desde la zona controlada por los hutíes. Intervención del destructor estadounidense "USS Carney"
En el tercer trimestre, los tránsitos de los buques oceánicos en el Canal de Panamá disminuyeron en -4.4%
Ancón
En los primeros nueve meses de 2023, el tráfico marítimo cayó un -3,3% por ciento.
La Asamblea de la OMI eligió a los miembros de su Consejo para el bienio 2024-2025
Londres
El jueves, la elección del presidente y el vicepresidente
BLS Cargo espera medidas de apoyo al transporte de mercancías por ferrocarril en el corredor Rin-Alpes
Bern
Para penalizar este modo se encuentran principalmente los sitios de construcción, los precios de las vías del ferrocarril y la energía.
El martes en Livorno, se pondrá en marcha la fase experimental de la Aduana Única y los Controles.
Livorno
El sistema favorece el control coordinado y concurrente de los controles
Récord de tráfico marítimo para noviembre en el Canal de Suez
Ismailia
2.264 buques transitados (+ 4,3%)
Fincantieri adquirirá Remazel Engineering
Trieste
La compañía se especializa en el diseño y suministro de equipos de alta complejidad y alta complejidad
FEPORT, ETA, EMPA y ECASBA están instando a la Comisión de la UE a evaluar sin demora el impacto negativo en los puertos europeos de la extensión del RCDE a la navegación
En el tercer trimestre, el índice de volumen de negocios de los servicios de transporte marcó una tendencia negativa.
Roma
La variación coyuntural no es nada
En el tercer trimestre el puerto de Tanger Med ha manejado más de 2,2 millones de contenedores (+ 13%)
GPH ha detectado acciones de Royal Caribbean en terminales de cruceros en puertos de Barcelona, Málaga, Singapur y Lisboa
Londres
El grupo americano ha vendido 38% por ciento de la capital de Barcelona Port Investments a Global Ports Holding.
Dos barcos de la Mesina llevan la caravana de medios para el Rally Dakar
Génova
Los 845 medios serán desembarcados el 14 de diciembre en el puerto saudita de Yanbu.
Activar la plataforma telemática para acceder al cambio modal del mar
Roma
Hoy a las 15 un seminario web de presentación
Viking ordena a Neptun Werft la construcción de diez cruceros fluviales
Rostock/Los Angeles
Se entregarán en 2026
Reunión en Gioia Tauro antes de la creación de la Agencia para el Trabajo Portuario
Alegría Tauro
Tendrá que hacerse cargo de la Agencia Portuaria Gioia Tauro, cuyo plazo se fija a finales de enero.
Italia está fuera de la Iniciativa Cinturón y Carretera de China
Génova
Merlo (Federlogistics): bueno para los puertos y la logística, pero también para nuestra industria de la construcción naval
En Logiport (Grimaldi) la gestión del nuevo ferry Darsena Civitavecchia
Civitavecchia
Por encima de la oferta de la terminal de Livorno Marittimo
Uniport presenta su estrategia para hacer de los puertos el motor de crecimiento
Roma
Legora de Feo: nuestro sector necesita hoy una visión sistémica de las políticas portuarias
PSA Italia cerrará 2023 con un tráfico de más de dos millones de contenedores
Génova
Los volúmenes en Venecia están creciendo. En Génova, hay un aumento de la actividad en Sech y un descenso en Pra.
Nicolò Iguera es el nuevo presidente de YoungShip Italia
Roma
Renovado el Consejo de Gobierno para el bienio 2023-25
TX Logistik finalizó la adquisición de Exploris Deutschland Holding
Roma
Establecido el segundo operador de transporte de mercancías de hierro en Alemania
SIOT-TAL invertirá 44,4 millones de euros en la mejora de la Terminale Marino de Trieste
Trieste
Trabajos encomendados a la infraestructura Fincantieri Obras Marítimas
Agostinelli, bien la búsqueda de Salvini de convergencias más amplias sobre la propuesta de la moratoria del ETS
Alegría Tauro
El Presidente de la AdSP reiteró los riesgos al puerto de Gioia Tauro
Consejo Europeo de Transportes, sin abordar el tema del riesgo de pérdida de competitividad de los puertos de transbordo causados por el RCDE UE
Bruselas
Ninguna respuesta a las preocupaciones expresadas por Chipre, Croacia, Grecia, Italia, Malta y Portugal
ACGM confirma no a la constitución de una agencia para la provisión de trabajo portuario temporal en Taranto
Roma
Tras la marcha atrás de la AdSP, la defensa antimonopolio no propondrá una apelación al TIE
Maersk mejorará sus instalaciones y actividades logísticas en el sudeste asiático
Copenhague
Inversión prevista de más de 500 millones
En el puerto de Valletta el primer suministro a una nave eléctrica de la red terrestre
Londres
Para equipar los cinco muelles de la terminal de planchado en frío, se han invertido 49,9 millones de euros.
PROXIMAS SALIDAS
Visual Sailing List
Salida
Destinación:
- orden alfabético
- nación
- aréa geogràfica
Acuerdo de la Academia Italiana de Mercantil-De Wave en el sector de la construcción naval
Génova
Colaboración para la formación de técnicos para la supervisión e instalación de instalaciones en buques
Anthony Veder-Accelleron acuerdo para la asistencia a los turbocompresores de 13 barcos
Baden
Acuerdo basado en una tasa fija aplicada a las horas de funcionamiento efectivas
Ellerman sella un acuerdo de slot con MSC relacionado con las rutas marítimas transatlánticas
Londres
Entrará en vigor el primer mes de enero.
AdSP del Adriático Norte, el Comité de Dirección aprueba el tercer cambio en el presupuesto
Venecia
Confirmado el ajuste del 25,15% de los cánones demaniales marítimos para 2024
Renovada la dirección confectural del noreste
Venecia
Paolo Salvaro confirmó a la presidencia, mientras que Manuel Scortegagna fue nombrado vicepresidente.
GNV inicia una nueva campaña de reclutamiento
Génova
La primera fecha del lunes y martes en Nápoles
El grupo de logística Public Spinelli publica su primer Presupuesto de Sostenibilidad
Génova
Ok la transferencia de la concesión de Terminal Ferry Barcelona al Grupo Grimaldi
Barcelona/Nápoles
Deliberación de la Autoridad Portuaria de Cataluña tras la luz verde de la autoridad antimonopolio
La Asamblea de la OMI confirma por unanimidad el nombramiento de Velasco como secretario general
Londres
El término, de cuatro años de duración, comenzará en enero próximo.
Lanzado en Ancona el crucero Viking Vela
Trieste
Se entregará a finales de 2024
PUERTOS
Puertos italianos:
Ancona Génova Rávena
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Liorna Taranto
Cagliari Nápoli Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venecia
Interpuertos Italianos: lista Puertos del mundo: Mapa
BANCO DE DATOS
Armadores Reparadores navales y astilleros
Expedicionarios Abastecedores de bordo
Agencias marítimas Transportistas
MEETINGS
Conferencia sobre cambios en la logística portuaria
Ravenna
Se celebrará en el primer diciembre en Ravenna
Conferencia de Uniport sobre el futuro de la portualidad italiana
Roma
Se celebrará el 5 de diciembre en Roma
››› Archivo
RESEÑA DE LA PRENSA
Ports cyber hack reveals Australia's 'vulnerability' to attack
(The New Daily)
Economy Minister: Anaklia port project developing “according to plan”, “no delays” in deadlines
(Agenda.ge)
››› Reseña de la Prensa Archivo
FORUM de lo shipping y
de la logística
Relazione del presidente Mario Mattioli
Roma, 27 ottobre 2023
››› Archivo
Puerto del Spezia, firmado el contrato para la realización de los nuevos cruceros del muelle
El Spezia
Se esperan dos bancos de la longitud de 393 y 339 metros
d' Amico International Shipping pasará a formar parte del FTSE Italia Mid Cap Index
Luxemburgo
Incluye las 60 empresas con mayor capitalización bursátil que cotizan en los mercados MTA y MIV de Borsa Italiana
Santi Casciano nombrado CEO de Going Gateway y Reefer Terminal
Go Ligure
Tomará posesión el 15 de diciembre
Rexi: firmó los convenios con 12 interpuertos por más de 11 millones destinados a la realización de la red
Roma
El aviso por ocho millones de euros adicionales se publicará en breve.
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