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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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Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- The University of Queensland
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
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