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