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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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Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- London Commodity Brokers - England
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
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