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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
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