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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, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
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- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
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- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
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- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- The University of Queensland
- Australian Coal Association
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
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