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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, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- White Energy Company Limited
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
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