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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, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
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