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