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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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Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
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