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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Trasteel International SA, Italy
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
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