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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
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