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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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Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- Australian Coal Association
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
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