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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
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