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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, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
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- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- The University of Queensland
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
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