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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, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
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Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
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Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
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Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
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