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