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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, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- White Energy Company Limited
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
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