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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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Showing 1341 to 1345 news of total 6871 |
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- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Australian Coal Association
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
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