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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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Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
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