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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Planning Commission, India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
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