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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Baramulti Group, Indonesia
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