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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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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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Showing 1366 to 1370 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
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