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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, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- White Energy Company Limited
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
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