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