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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, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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Showing 1591 to 1595 news of total 6871 |
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- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- The University of Queensland
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
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