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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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Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
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- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- White Energy Company Limited
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
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