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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Planning Commission, India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- The University of Queensland
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
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