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