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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
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