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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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Showing 1411 to 1415 news of total 6871 |
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- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Australian Coal Association
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
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