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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
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