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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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Friday, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
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- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Australian Coal Association
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
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