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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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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
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