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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, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
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