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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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Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
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Showing 1361 to 1365 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- The University of Queensland
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
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