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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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Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
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- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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