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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, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
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- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
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