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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, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
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- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
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