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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
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