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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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Tuesday, 15 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 Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- The Treasury - Australian Government
- GMR Energy Limited - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- PTC India Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
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