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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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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
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