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