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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, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
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