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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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Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
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- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
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- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
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- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
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- Independent Power Producers Association of India
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- Indian Oil Corporation Limited
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