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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, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Bangladesh Power Developement Board
- White Energy Company Limited
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- The University of Queensland
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
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