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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, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Minerals Council of Australia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
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