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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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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
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