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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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
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