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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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Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Central Electricity Authority - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
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