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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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Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
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