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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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Wednesday, 05 August 15
COAL CONSUMPTION POSTED THE STRONGEST GROWTH AMONG THE FOSSIL ENERGY SOURCES IN 2014 - VDKI
Coal 2014: again the world's fastest-growing primary energy source and an indispensable asset for the success of the energy turnaround.
Ac ...
Wednesday, 05 August 15
FOB INDONESIA THERMAL COAL SWAPS FALL
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 $ ...
Wednesday, 05 August 15
DRY BULKER PRICES START TO FIRM UP AS MARKET SENTIMENT IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Market pessimism in the dry bulk industry, a trend which had established itself over the course of the year, has started to fade away over the past ...
Tuesday, 04 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO FALL DUE TO SLIDING DEMAND
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, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
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- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
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- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- White Energy Company Limited
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
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- Sinarmas Energy and Mining - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
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