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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, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
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- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
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