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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
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