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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, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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