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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Australian Coal Association
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Minerals Council of Australia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
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