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