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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, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- The University of Queensland
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
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