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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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Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- The University of Queensland
- SMC Global Power, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
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