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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, 06 May 20
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- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- PTC India Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
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