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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, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
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