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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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Tuesday, 01 September 15
FOB RICHARDS BAY COAL SWAPS STILL SLIDING; Q2'16 DELIVERY LOST AROUND 6 PERCENT M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 gain week over week but declined month over month.
The 4Q swap was dow ...
Monday, 31 August 15
API 5 FOB NEWCASTLE COAL SWAP GAINS WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.85 per MT (-4.23%) month over month to US$ 41.87 per mt. The swap ...
Monday, 31 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP ENDS DOWN MORE THAN 4 PERCENT MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.91 (3.78%) per MT month over month.
A commodity ...
Sunday, 30 August 15
THE DRY BULK MARKET UNDOUBTEDLY REMAINS WEAK & VOLATILE THIS WEEK
COALspot.com: The BDI slipped further down this week, moving closer to 900 level. This week’s BDI falls 9.15 pct and closed at 903 points. Wh ...
Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
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- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- White Energy Company Limited
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
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