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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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Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Jindal Steel & Power Ltd - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
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- Sree Jayajothi Cements Limited - India
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