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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, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- White Energy Company Limited
- The University of Queensland
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
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