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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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Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
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- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
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