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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, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
Tuesday, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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 $ ...
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- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
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