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