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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, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Deloitte Consulting - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- PTC India Limited - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
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