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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, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- Minerals Council of Australia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Economic Council, Georgia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
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