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