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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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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Bhatia International Limited - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- London Commodity Brokers - England
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