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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, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Minerals Council of Australia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
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