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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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Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- PTC India Limited - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Minerals Council of Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
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