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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
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