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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, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- The University of Queensland
- White Energy Company Limited
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
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