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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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- White Energy Company Limited
- MS Steel International - UAE
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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