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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Bhatia International Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
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