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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- MS Steel International - UAE
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
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