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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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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
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