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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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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Showing 1531 to 1535 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- The University of Queensland
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
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