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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
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