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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, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
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