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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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
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- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
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- Bangladesh Power Developement Board
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