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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- VISA Power Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
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