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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, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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Showing 1211 to 1215 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Australian Coal Association
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- ASAPP Information Group - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
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