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