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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Planning Commission, India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
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