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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies con ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Australian Coal Association
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
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