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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Indian Oil Corporation Limited
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