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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, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- PTC India Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- The University of Queensland
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
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