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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, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
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