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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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Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
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- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
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