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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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
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