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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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Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
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- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
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