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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, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
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- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- PTC India Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
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