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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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV 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 coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
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