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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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Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
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Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
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- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- The University of Queensland
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
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