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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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- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
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