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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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Tuesday, 07 July 20
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Monday, 06 July 20
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Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
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- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
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