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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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Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
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