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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, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
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- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
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