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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, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
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