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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, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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Showing 1071 to 1075 news of total 6871 |
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- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
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