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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
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