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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, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
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