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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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Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
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- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Planning Commission, India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
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