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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, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
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