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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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Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
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- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- The University of Queensland
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Australian Coal Association
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Videocon Industries ltd - India
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