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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Planning Commission, India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
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