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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Minerals Council of Australia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
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