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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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Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Central Electricity Authority - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
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