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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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Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
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