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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, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
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- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
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