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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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- The University of Queensland
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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