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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Planning Commission, India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
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