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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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Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
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