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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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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Showing 1341 to 1345 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
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