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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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Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Ministry of Transport, Egypt
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Siam City Cement - Thailand
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