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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, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
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