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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, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
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- Planning Commission, India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- PTC India Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
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