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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
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- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
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