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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.
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Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
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- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
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