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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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Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
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- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
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