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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, 07 August 20
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Wednesday, 05 August 20
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- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
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