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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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Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
Sunday, 22 November 15
INDONESIA TO INDIA FREIGHT RATES TO REMAIN DULL NEXT WEEK
COALspot.com: The BDI was down to historical lows closing at 498 points which is down by almost 95.77 per cent compared to 11,800 points in 2008.
...
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- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Australian Coal Association
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- PTC India Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
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