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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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- White Energy Company Limited
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
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