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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, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
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- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Australian Coal Association
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
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