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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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Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this w ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
Thursday, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
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- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
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