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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Planning Commission, India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
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