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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, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
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- Bayan Resources Tbk. - Indonesia
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- Central Electricity Authority - India
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- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
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- Ministry of Mines - Canada
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- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
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- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
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- Parliament of New Zealand
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- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
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