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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, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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Showing 1441 to 1445 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- The University of Queensland
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
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