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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Bhatia International Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
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