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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
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