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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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Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
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- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Australian Coal Association
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
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