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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, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- Bhatia International Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
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