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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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Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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Showing 1316 to 1320 news of total 6871 |
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- GMR Energy Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
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