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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, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
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