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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
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