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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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Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
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