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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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Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
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- Economic Council, Georgia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- MS Steel International - UAE
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
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