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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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Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
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- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- The University of Queensland
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
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