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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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Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
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Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
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Showing 1026 to 1030 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
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