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