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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, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
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Friday, 14 February 20
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Friday, 14 February 20
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Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
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- VISA Power Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Borneo Indobara - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
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