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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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Showing 1401 to 1405 news of total 6871 |
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- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
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