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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- The University of Queensland
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
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