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