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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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Showing 1401 to 1405 news of total 6871 |
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- Indogreen Group - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Planning Commission, India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
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