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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
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