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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, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
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