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