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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, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 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 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- MS Steel International - UAE
- Electricity Authority, New Zealand
- White Energy Company Limited
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
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