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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
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- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Australian Coal Association
- White Energy Company Limited
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
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