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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- The University of Queensland
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
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