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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, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
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- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
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