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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
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