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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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Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Timah Investasi Mineral - Indoneisa
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- Electricity Generating Authority of Thailand
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- Bhushan Steel Limited - India
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- GVK Power & Infra Limited - India
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- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
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- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Economic Council, Georgia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
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