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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
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