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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Economic Council, Georgia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
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