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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
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