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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, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
Friday, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : 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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- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
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