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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- White Energy Company Limited
- Siam City Cement - Thailand
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
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