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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- The University of Queensland
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
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