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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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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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