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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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Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
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