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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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Showing 1061 to 1065 news of total 6871 |
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- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
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