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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, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
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