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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.
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Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
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- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- White Energy Company Limited
- Interocean Group of Companies - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- The University of Queensland
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
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