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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- The University of Queensland
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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