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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.
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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
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