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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
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