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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- White Energy Company Limited
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Planning Commission, India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
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