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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, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
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