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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, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
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