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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
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