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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
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