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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, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
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GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
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Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
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April 2-3
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Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
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April 2-3
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5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
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- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- White Energy Company Limited
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
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