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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- The University of Queensland
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- White Energy Company Limited
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
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