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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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Tuesday, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
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- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
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