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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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