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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, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Planning Commission, India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
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