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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
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