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