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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, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Minerals Council of Australia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
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