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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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Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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- White Energy Company Limited
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Deloitte Consulting - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
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