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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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Tuesday, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
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- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Minerals Council of Australia
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