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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Indian Energy Exchange, India
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