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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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Monday, 17 August 15
CFR SOUTH CHINA COAL SWAPS CONTINUE TO HEAD SOUTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 40 (1.05%) per MT month over month.
A commodi ...
Sunday, 16 August 15
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO STEADY NEXT WEEK
COALspot.com: The BDI softened 12.08 per cent to 1055 points this week due to weakening of cape index which was fell 25 per cent week over week to ...
Friday, 14 August 15
FOB INDONESIA COAL SWAP SHOWING NO MOVEMENT THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Friday, 14 August 15
U.S. COAL PRODUCTION UP 2.9 PER CENT THIS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.2 million shor ...
Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
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- VISA Power Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
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