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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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Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
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- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
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