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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
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