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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
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