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