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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, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Minerals Council of Australia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
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