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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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Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
Wednesday, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
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- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
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