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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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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- The University of Queensland
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
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