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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- White Energy Company Limited
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Deloitte Consulting - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
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