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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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Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
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Showing 1506 to 1510 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
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