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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Australian Coal Association
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
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