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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
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