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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, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
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