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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, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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