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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, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Australian Coal Association
- White Energy Company Limited
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