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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, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
Tuesday, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
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- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
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