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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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Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 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, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
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