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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.
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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
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