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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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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- The University of Queensland
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
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