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