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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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Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
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- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Planning Commission, India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
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