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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, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
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