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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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Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
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- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
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