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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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Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
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Showing 1421 to 1425 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
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