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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, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
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- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
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