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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Australian Coal Association
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
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