Analyzing Bunker Fuel Prices in Week 29
On July 20, 2017, average bunker fuel prices were $339.5 per ton—compared to $323 per ton a week ago on July 13, 2017.
Suezmax rates on the route from West Africa to the United Kingdom were $5,658 per day on July 21, 2017—compared to $6,222 per day on July 14.
In week 29, the BDTI rose to 655 from 644—a rise after falling the previous four weeks. At the beginning of the year, the index was trading high at 1,088.
As we discussed in the previous part of this series, Wall Street analysts expect Navios Maritime Midstream Partners’ (NAP) 2Q17 revenue to fall year-over-year (or YoY).
Wall Street analysts expect revenue of just over $21.5 million for Navios Maritime Midstream Partners (NAP) in 2Q17, compared to $21.1 million in 1Q17 and $22.7 million in 2Q16.
On July 20, 2017, Navios Maritime Midstream Partners announced its 2Q17 distribution. The company declared a dividend of $0.42 per share, similar to 1Q17 and 2Q16.
Diamond Offshore Drilling (DO) plans to release its 2Q17 results before the market opens on July 31, 2017. The company plans to hold its conference call on the same day.
In week 28, just like the previous week, none of the analysts revised the target prices or recommendations for crude tanker stocks.
According to Weber’s report for week 28, VLCC fixtures in the Middle East were just 12. VLCC fixtures in the West Africa market were also slower.
According to the Gibson report for week 28, bunker fuel prices at Rotterdam were $279 per ton on July 17, 2017—down from $285 per ton the previous week.
In week 28, which ended on July 14, 2017, the BDTI fell from 649 to 644—the fourth consecutive week that the BDTI has fallen.
In June 2017, China’s auto sales rose 4.5% year-over-year to 2.2 million. Auto sales in June rose after falling for two months.
In June 2017, China’s manufacturing PMI (purchasing managers’ index) was 51.7, which was higher than the Reuters poll forecast of 51.0.
In June, China was the world’s top crude oil importer. However, crude imports were lower compared to the previous month.
China released key economic data for June 2017—export and import data, auto sales data, and the manufacturing index.
Analysts estimate that Ensco’s EBITDA would be $157 million in 2Q17, down from $167 million in 1Q17.
Of the 28 analysts covering Ensco, three analysts gave “strong buy” recommendations, while eight analysts gave “buy” recommendations.
Wall Street analysts estimate Ensco’s (ESV) 2Q17 revenues to be just over $453 million.
Ensco expects its 2Q17 contract drilling expense to be $282 million, which is higher than its previous guidance of $270 million–$280 million.
Ensco (ESV) plans to release its 2Q17 results on Thursday, July 27, 2017, before the market opens. On July 10, 2017, Ensco reached a new 52-week low of $4.72.