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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, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
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