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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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Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
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- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
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