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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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Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
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- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
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