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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, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
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Showing 1361 to 1365 news of total 6871 |
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- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Economic Council, Georgia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
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