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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, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- The University of Queensland
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
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