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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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Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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Showing 956 to 960 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
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