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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, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
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- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
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