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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- White Energy Company Limited
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Australian Coal Association
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
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