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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
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