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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, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
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- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
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