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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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.
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Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
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- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
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