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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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Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
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Showing 1221 to 1225 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
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