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.: 16-Jan-2019 :. Search News
Displaying 1 to 19 of Records.
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Observing the tide for MISC as tanker industry shifts
Investors are seen to be nibbling on MISC Bhd's shares of late. The reason could be that the spot charter rates for tankers have climbed to the highest level since 2013 oil boom last year.
For the petroleum segment that has suffered a tonnage oversupply conundrum for years, the latest spike in Baltic Dirty Tanker Index to 1,266 points - just over 16% higher than its 2017 peak - stands out.
Pundits view the current climb as unsustainable, citing persisting oversupply. But it also provides hints of a market rebalance, which has been long overdue.
Tanker scrapping at record high
Bloomberg reported that up until September 2018, oil tanker owners had scrapped a record number of 100 ships with capacity above 80,000 deadweight tonnes (dwt), namely Aframax, Suezmax and very large crude carrier (VLCC) because of the prolonged supply glut.
Ships are also being scrapped ahead of an International Maritime Organization regulation due in 2020 (IMO2020), which requires ships to use fuel with lesser sulphur content, cutting it to 0.5% sulphur content, from 3.5% presently.
Owners have two expensive options: retrofit exhaust cleaning systems called scrubbers at a cost of US$2 million (RM8.2 million) to US$5 million per vessel depending on size or burn the pricier low-sulphur fuel.
The modification is not economic for ships older than 13 years. Opting for low-sulphur fuel could add to fuel costs - the industry's single largest expense - by about 20%, Reuters reported.
With a net gearing of 16.5% and cash equivalents of around RM5.22 billion as at Sept 30, 2018, MISC has a relatively healthy balance sheet for the scrubber installation, which, according to analysts, is necessary for a tenth of its fleet size.
On the contrary, shipowners with unhealthy balance sheets simply cannot afford either option. This provides a window for companies like MISC to strengthen its market position, currently at around 2% of global market share for hydrocarbon shipping.
Analysts mixed on industry landscape
However, it will not exactly be smooth sailing for MISC, TA Research analyst Kylie Chan told The Edge Financial Daily.
While scrapping has intensified, petroleum tanker new builds are set to increase year-on-year to above 25 million dwt in 2019 before tapering off in 2020 and 2021, pointed Chan. "The 2019 numbers are still substantially high," she said.
UOB Kay Hian analyst Kong Ho Meng concurred. "I think tankers may likely remain in oversupply for 1H19 (first half of 2019), in view that the oil supply is cut, as deliveries are still there despite high scrapping," said Kong, in reference to the pledge by Opec to cut supplies by 1.2 million barrels per day this year.However, he expects the oversupply situation to improve in 2H19.
Moving on, the IMO2020 regulation would add to demand for distillates, and concurrently more shipments to refiners, said Chan.
More importantly, however, is the impact of the regulation towards higher fuel costs.
According to Chan, the MISC management has guided that it is unable to immediately pass through bunker fuel costs for spot contracts and chemical fleet.
At least 41% of MISC's petroleum fleet served on spot charter basis as at Sept 30 last year. "The impact to MISC will be mixed," said Chan.
Further, UOB's Kong pointed that Opec’s supply cut, too, could lift fuel costs - especially should crude oil prices go higher than the 1H18 average of around US$70 per barrel.
"The recent share price appreciation may imply high market expectations on MISC’s fundamental recovery," he commented.
Petroleum segment in focus
Indeed, any meaningful upside for MISC hinges on its petroleum segment.
Minus the possible strong earnings expected in the final quarter, the financial year ended Dec 31, 2018 (FY18) has been the worst in years for MISC from multiple perspectives. Share price hit five-year low in May last year, while cumulative results for the first three quarters were the weakest since 2013.
In the nine months ended Sept 30, 2018, MISC’s net profit nearly halved to RM972.8 million from RM1.91 billion. Cumulative revenue fell 15.93% to RM6.39 billion, from RM7.6 billion previously.
Petroleum-shipping revenue constituted nearly half of MISC’s revenue in the 1H18 at RM3.03 billion - but it was a bleeding segment with an operating loss of RM121 million in the period.
In comparison, its liquefied natural gas (LNG) fleet is largely supporting its 62.67% shareholder Petronas. Its floating storage production and offloading vessel operation - fifth biggest globally - is still operating well, with potential new contracts to be issued in the market the coming years.
Meanwhile, its 66.5%-owned loss-making fabrication unit Malaysia Marine Heavy Engineering Holdings Bhd should soon kick-start projects that were deferred last year.
It has secured a contract for two fixed offshore structure packages from Petroliam Nasional Bhd as recently as last week, and has tendered for projects totalling RM6 billion - although there will be a gestation period before earnings improve meaningfully.
Out of the 14 analysts covering MISC, two have a "buy" call, 10 a "hold" rating and two are recommending a "sell".
Target price (TP) ranges from RM7.50 to a low of RM5.02 - the latter by TA’s Chan. "The oversupply is still overwhelming in the petroleum and LNG segments," she said.
UOB's Kong also maintained his "sell" call on the counter with a TP of RM5.75, on grounds that a sustainable tanker rate recovery is not yet in sight. "Hence, we advise taking profit given a strong 4Q18 expectation."
New builds and slowdown in oil demand are likely to encourage tanker scrapping activities. On the other hand, the capacity glut is unlikely to ease much mainly because of the new builds and weaker demand.
Still, some opine that the increase in spot charter rates during the last winter was higher than expected - this is an undeniable positive sign. Are MISC shareholders in for another surprise?

Posted On:16-Jan-2019



A safe harbour for a distressed ship
The fire aboard the Halifax bound container ship Yantain Express is turning into an excellent case study in maritime casualty management.
Hapag Lloyd released a statement last week outlining the damage to the ships and cargo. The fire appears to have started in the fourth stack of containers on deck. Hapag Lloyd said in a statement that all cargo forward is assumed to be directly affected by fire. The surrounding cargo likely has smoke and water damage, as would all cargo in the holds below the fire area.
Damage seems confined to the first third of the ship, which suggests the fire started in a container loaded with a hazardous or noxious substance. This is known in the shipping industry as HNS cargo.
HNS cargo is typically stored at the front of the ship, so that in the case of a fire it is away from the accommodation block, allowing for the fire to be managed while the crew is rescued.
From the initial reports it appears this strategy worked as intended. The crew was able to stear the ship so the wind blew the smoke away from the accommodation area until they could be safely evacuated.
Hapag Lloyd reported the fire to be under control on Saturday, however the dispatch of two additional tugboats and the lack of progress towards a port suggests the fire is still problematic and firefighting efforts are still underway.
The salvors have made a request to Transport Canada for a place of refuge. A place of refuge is a place, where a ship in need of assistance, can take action to stabilize its condition. Nation states are obviously reluctant to grant permission to damaged ships to enter home waters. The risk of pollution, or even the outright sinking of the vessel are significant concerns.
The International Maritime Organization adopted the "Guidelines on places of refuge for ships in need of assistance," with the aim of encouraging states to offer assistance to vessels in distress, by performing a risk assessment before rejecting refuge applications by distressed vessels.
Transport Canada has a "Places of refuge contingency plan" to guide the risk assessment conducted by the regional office of Transport Canada, Canadian Coast Guard and other relevant government agencies.
There is a sub plan for the Atlantic region, which contains information about ports and facilities. Halifax has several advantages as a port of refuge. It provides a sheltered harbour, has tugs and pollution control equipment available, environmental contractors, Transport Canada offices, and cargo handling facilities.
The risk assessment looks at the condition of the ship, what actions have been taken and are proposed by the salvors and the controls that are in place and what the possible outcomes of the situation are. If the risk is deemed low, then a place of refuge is granted.
Transport Canada can also offer a place of refuge with conditions, or outright reject the request. if its rejected, then the government has the option of offer assistance offshore.
In the case of the Yantain Express, the assessment will look at the structural condition of the ship, what the salvors intentions, and the serviceability of the ships equipment and engines, and the risk of pollution. Presumably the fire will need to be substantially controlled before the ship is permitted to enter port.
Once the Yantain Express is in port, cargo not damaged by the fire will be unloaded, and transferred to a ship being sent to Halifax to collect it. The damaged cargo will also need to be removed, and hazardous contaminants dealt with. This incident will be ongoing for several weeks to come.
- The Tug Atlantic Enterprise arrived in Halifax over the weekend as part of the salvage effort. Horizon Star sailed Tuesday morning for the casualty. Hapag-Llyod has dispatched the Shanghai trader from Bremerhaven presumably to move unaffected containers onward. Shanghai Trader is due on Friday.
- The former Halifax Transit ferry Woodside I sailed from the harbour for the last time on Friday. After a work period at the CME Shipyard in Sambro, the ferry will sail for Toronto in the spring with the Halifax III. The Dartmouth III is already there.

Posted On:16-Jan-2019



Frontline s Interest in Feen Marine Scrubbers Rises
John Fredriksen s oil tanker shipping company Frontline Ltd. has increased its ownership interest in Feen Marine Scrubbers to 28.9%.
The interest was raised following the purchase of a 30.8% stake in the company by FMSI from its founder Bjørnar Feen, Frontline explained.

Posted On:16-Jan-2019



Seaspan Completes 2nd Tranche of Investment with Fairfax
Hong Kong-based containership owner and operator Seaspan Corporation revealed that Fairfax Financial Holdings Limited closed the second tranche of its USD 1 billion investment commitment in the company.
As with Fairfax s initial USD 500 million investment in Seaspan, the second tranche of funding is structured as a USD 250 million issuance of 5.50% senior notes due 2026 and approximately 38.46 million warrants.

Posted On:16-Jan-2019



ABS, Fleet Management Partner on Cyber Security
ABS Advanced Solutions and Hong Kong-based Fleet Management Limited have reached an agreement to partner up on cyber security.
Under the deal, the ship manager would implement the ABS FCI Cyber Risk solution for its 220-vessel liquid cargo fleet, which would help the company comply with regulatory requirements.

Posted On:16-Jan-2019



Port of Oakland Volume at All-Time High in 2018
Container volume at the Port of Oakland reached an all-time high in 2018, handling 2.55 million TEU during the year.
The number represents an increase of 5.2 percent from 2017 volume, and is the second straight year of record volume in Oakland, the port said.

Posted On:16-Jan-2019



Panama-Flagged Ship Allides with Emden Sea Lock Structure
A Panama-flagged ship rammed into dolphin structures of the Emden Sea Lock, Germany, in the afternoon hours of January 14, 2019.
The ship allided with the lock construction while entering the Port of Emden assisted by two tugs, according to the water police in Oldenburg.

Posted On:16-Jan-2019



Latvian freighter aground, Oresund, Sweden
General cargo ship RIX EMERALD ran aground on Landskrona approach, Oresund, Sweden, at around 0545 UTC Jan 15, on arrival from Aarhus Denmark. No information yet on possible damages. As of 1200 UTC, the ship was still aground. Cause of accident yet unknown.

Posted On:16-Jan-2019



Livestock carrier aground, Mediterranean
Livestock carrier WARDEH, anchored off Mersin, Turkey, Mediterranean sea, reportedly drifted aground during recent storm, probably on Jan 15. The ship with 2 watchmen on board was anchored in Mersin since April 2018, waiting to be transferred from one Syrian owner to another, said Deniz Haber. No other information available at the moment.

Posted On:16-Jan-2019



Volumes at PSA International Keep Rising in 2018
Singapore-based port operator PSA International handled 81 million TEUs at its port projects in 2018.
The total volume represents a rise of 9.1% over 2017, with flagship PSA Singapore contributing 36.31 million TEUs and PSA terminals outside Singapore handling 44.69 million TEUs during the year.

Posted On:16-Jan-2019



ZIM Moves Forward with Blockchain-Based Bill-of-Lading
Israel-based liner company Zim Integrated Shipping Services (ZIM) is set to begin offering the opportunity to all its customers to switch to electronic Bills-of-Lading based on blockchain technology.
The offering will be introduced first on selected trades, with the Asia-South Africa and North America-Mediterranean trades being put in focus in the first quarter of 2019.

Posted On:16-Jan-2019



ReCAAP: Piracy and Armed Robbery Incidents Lowest in a Decade
There was a total of 76 incidents of piracy and armed robbery reported in Asia between January to December 2018, ReCAAP Information Sharing Centre (ISC) said in its annual report.
Out of these, 62 were actual incidents and fourteen attempted incidents.

Posted On:16-Jan-2019



Fourth Tug on Its Way to Yantian Express
The third ocean-going tug arrived today to join fire-fighting activities involving burning containership Yantian Express, owned by German liner company Hapag-Lloyd, the company spokesperson confirmed to World Maritime News.
Another tug is on its way as well to assist with the fire-fighting efforts that have been underway for over 10 days, the spokesperson added.

Posted On:16-Jan-2019



NCLH Orders Cruise Ship for Regent Seven Seas Cruises
Italian shipbuilder Fincantieri and the US-base cruise company Norwegian Cruise Line Holdings (NCLH) have signed a contract for the construction of one new ultra-luxury cruise ship for the NCLH s Regent Seven Seas Cruises brand.
The contract is worth around EUR 474 million (USD 543 million).

Posted On:16-Jan-2019



New port system ready in two years
It will take CUPIA of Korea Customs Service, which is to operate a new port clearance system, over two years to develop and implement a new single window system in Ghana.
A statement published on its website on July 5, 2018 reads: CUPIA has signed a US$40million deal with Ghana Link to export an electronic Customs clearance system to the African country.

Posted On:16-Jan-2019



Credits: www.bunkerportsnews.com

British Ports Association statement ahead of Brexit Vote
It is important to remember that, in the seemingly unlikely event that this deal is agreed by Parliament, this is the beginning of a process, not the end of it. We have yet to negotiate more than the basic principles behind our future relationship with the EU and there remains much to be agreed, including fundamental questions around if and how goods are checked and handled at the border.

Posted On:16-Jan-2019



Credits: www.bunkerportsnews.com

Kalmar s Hybrid RTGs to deliver eco-efficient performance for Exolgan Container Terminal, Buenos Aires
Kalmar, part of Cargotec, has signed an agreement with Exolgan S.A. to supply a total of four rubber-tyred gantry cranes (RTGs) with hybrid drivelines for its container terminal in Buenos Aires, Argentina. The order, which also includes the supply of a spare parts package for the machines, was booked in Cargotec s 2018 Q4 order intake with delivery scheduled to take place in late 2019.

Posted On:16-Jan-2019



Credits: www.bunkerportsnews.com

Bunker operations in Malta restart as weather conditions improve: port authority
Bunker operations in Malta restarted late Tuesday morning, after weather conditions improved, a spokesman for the port authority said late Tuesday morning, however they are restricted.
"Bunkering operations [have] resumed at Area 4," a spokesman for the port authority said.

Posted On:16-Jan-2019



Credits: www.bunkerportsnews.com

Bangladesh s second LNG terminal to start in March; supply faces hiccups
Bangladesh s second liquefied natural gas (LNG) terminal is expected to start operations in mid-March though domestic pipeline constraints means it will be unable to fully supply gas demand to the country s capital Dhaka.

Posted On:16-Jan-2019



Credits: www.bunkerportsnews.com
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