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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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Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Latin American Coal - Colombia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Aditya Birla Group - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
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