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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, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
Monday, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
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- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- PTC India Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
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