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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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Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
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- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
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