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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, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
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- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Parliament of New Zealand
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
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