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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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Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
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