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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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Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- The University of Queensland
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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