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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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Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
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- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
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