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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, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- The University of Queensland
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
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