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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, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- Bhatia International Limited - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
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