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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, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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