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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, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- The University of Queensland
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
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