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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, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
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