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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
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