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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, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
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- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
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