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