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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- PTC India Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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