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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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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Australian Coal Association
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
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