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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
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