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