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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 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- The University of Queensland
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- PTC India Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Planning Commission, India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
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