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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, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
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- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- The University of Queensland
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- PTC India Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
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