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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- PTC India Limited - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Planning Commission, India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
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