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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, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
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Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
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Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
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