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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
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