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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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Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
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