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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, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
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- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
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