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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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Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
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- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
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