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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, 11 August 15
GLOBAL PRODUCTION OF CRUDE STEEL REACHED A NEW ALL-TIME HIGH OF 1,661M TONNES IN 2014 - VDKI
COALpot.com: Global production of crude steel reached a new all-time high of 1,661m tonnes in 2014, said German Coal Importer Association, in its l ...
Tuesday, 11 August 15
2016 CFR S.CHINA COAL SWAPS CLOSED SLIGHTLY HIGHER THAN 4Q 2015 CLOSING PRICES; BUT NOT SIGNIFICANT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 10 (0.20%) per MT month over month.
A commodi ...
Monday, 10 August 15
SOUTH KOREAN UTILITY KOMIPO INVITES BITUMINOUS COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 560,000 Metric Tons (MT) of 4,600kcal/kg NAR c ...
Sunday, 09 August 15
THE PANAMAX MARKET HAS REMAINED WEAK THIS WEEK
COALspot.com: The freight market continued to be buoyant with cape index pushing the BDI.
The BDI was up 10.49% and closed at 1200 points on 7 ...
Friday, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
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- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
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