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