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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, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
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