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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
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