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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
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