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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarter of last year. However, the strong start of the year has been followed by a seasonal softening. Despite the 10% fall of the clean spot MR earnings in January (m-o-m basis), the earnings averaged at mid teen levels. The opening of some arbitrage windows, like the East to West movement of naphtha cargoes, healthy trade patterns in general and a solid growth in US exports were the main driving factors.
During February, the market eased back with the Chinese New Year holidays rendering a very quiet market in the East; however, average earnings for the first two months were still a lot higher compared to the same period in 2018. In March, unplanned refinery outages in the US, led to increased gasoline imports to the East and West Coast US, while West Africa’s demand growth also contributed in what was a strong earnings’ month in the western hemisphere. In the East, Middle East’s and India’s improvements stand out, with demand for Indian coastal business opening up to non-Indian flag ships.
Indicatively, below are the earning figures of some major product tanker owners in all sizes combined, for the first quarter of 2019. SCORPIO achieved average rates of $18,570/day, TORM achieved average rates of $17,949/day while Damico’s blended TCE was $14,057/day.
Being always a good indicator for spot market expectations, the one-year-time charter rates for the MR size have been gradually improving, settling at the end of Q1 at around $14,000/day and $15,500/day for conventional and Eco MRs, respectively.
As far as Q2 is concerned, April and May saw a slowdown for most of the product tanker markets, while LR2 earnings have remained relatively flat. A major factor of this slowdown has been the seasonal refinery maintenance in Europe, US, Middle East and Asia, which is currently at its peak.
The remaining segments experienced a fall in spot earnings and with Owners remaining bullish on TC rates, period business activity slowed down as charterers were assessing the earnings potential going into next year.
Looking forward, many tanker market participants have strong faith that certain short term and longer term fundamental developments will act as game changer for the product tanker market. Much has been said about the increase in refinery capacity and the new IMO 2020 regulations that will push the market to improved levels in the coming years, with some expecting to see this uptrend starting as early as in the second half of 2019.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Economic Council, Georgia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Australian Coal Association
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
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