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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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Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
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