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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, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
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