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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, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
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- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
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