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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- PTC India Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
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