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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Planning Commission, India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
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