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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
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