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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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Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Aditya Birla Group - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Central Electricity Authority - India
- The University of Queensland
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
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