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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
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