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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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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Australian Coal Association
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
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