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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
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