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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
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- Wilmar Investment Holdings
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
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