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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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Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
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- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Planning Commission, India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
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