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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Australian Coal Association
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
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