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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- White Energy Company Limited
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- The University of Queensland
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
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