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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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Parliament of New Zealand
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
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