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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, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 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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- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
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