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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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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- The State Trading Corporation of India Ltd
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