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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
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