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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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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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- Singapore Mercantile Exchange
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- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
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- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
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- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
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- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
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