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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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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
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