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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
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