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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
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