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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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
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