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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, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
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