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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
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