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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
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