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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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Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Planning Commission, India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
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