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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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- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
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