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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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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
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