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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.
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Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
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- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- PTC India Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
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