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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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Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- Meenaskhi Energy Private Limited - India
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- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- The University of Queensland
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
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