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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, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
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