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