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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 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- ASAPP Information Group - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Economic Council, Georgia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
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