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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, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- Bhatia International Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
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