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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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Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
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