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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.
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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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- VISA Power Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
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