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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
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EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
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Friday, 02 August 24
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The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
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