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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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Monday, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- MS Steel International - UAE
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
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