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