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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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Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- MS Steel International - UAE
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
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