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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
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