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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, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Siam City Cement - Thailand
- PTC India Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Planning Commission, India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
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