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