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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, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Thai Mozambique Logistica
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
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