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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, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
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- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
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