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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- The University of Queensland
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
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