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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
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