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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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Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
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