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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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Wednesday, 24 June 20
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- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- VISA Power Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
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