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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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
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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- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- SMG Consultants - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
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