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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, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
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- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Posco Energy - South Korea
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
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