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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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Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Xindia Steels Limited - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
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