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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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Showing 911 to 915 news of total 6871 |
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- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
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