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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, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
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Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
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Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
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The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Ministry of Mines - Canada
- The University of Queensland
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
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