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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, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
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 (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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Showing 1216 to 1220 news of total 6871 |
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Cement Manufacturers Association - India
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