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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
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