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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, 06 March 20
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Thursday, 05 March 20
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Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
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- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
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