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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, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
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Showing 1426 to 1430 news of total 6871 |
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- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
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