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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, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- The University of Queensland
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
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