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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, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
Wednesday, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
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- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
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- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
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