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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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Wednesday, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
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