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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.
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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
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