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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, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
Wednesday, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
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Showing 1106 to 1110 news of total 6871 |
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- Central Java Power - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- The University of Queensland
- New Zealand Coal & Carbon
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
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