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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- The University of Queensland
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
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