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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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- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
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