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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, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
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