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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, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
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