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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
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