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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, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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