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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
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