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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Australian Coal Association
- Indika Energy - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
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