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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, 24 June 24
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- Parliament of New Zealand
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
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- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
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