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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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Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
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