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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
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