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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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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
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