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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, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
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- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- VISA Power Limited - India
- Planning Commission, India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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