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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
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