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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- The University of Queensland
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
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