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