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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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Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
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