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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, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Planning Commission, India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Videocon Industries ltd - India
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