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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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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