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