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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, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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Showing 1011 to 1015 news of total 6871 |
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- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
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