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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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Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- White Energy Company Limited
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
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