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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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Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
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- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- VISA Power Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
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