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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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Friday, 06 September 24
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SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
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Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
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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- Minerals Council of Australia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
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