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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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Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
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- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Australian Coal Association
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Marubeni Corporation - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
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