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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Bhatia International Limited - India
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