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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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Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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Showing 1451 to 1455 news of total 6871 |
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- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- The University of Queensland
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
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