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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
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