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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
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