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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
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- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
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