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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 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Posco Energy - South Korea
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
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