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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, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
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