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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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Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Australian Coal Association
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
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