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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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Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
...
Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
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- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
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