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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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Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
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- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
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