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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
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