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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
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