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