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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Australian Coal Association
- Thai Mozambique Logistica
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- White Energy Company Limited
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
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