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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, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
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- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
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