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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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Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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- Electricity Authority, New Zealand
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
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