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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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Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
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