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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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Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
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