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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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Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- The University of Queensland
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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