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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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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
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