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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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Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
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- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Australian Coal Association
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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