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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- The University of Queensland
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
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