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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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- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
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