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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- The University of Queensland
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
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