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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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- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
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