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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.
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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- The University of Queensland
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
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