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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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Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
Wednesday, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germ ...
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- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
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