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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, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- Agrawal Coal Company - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
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