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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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Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
Wednesday, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
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Tuesday, 01 September 20
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5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
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- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
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