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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, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- The University of Queensland
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
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