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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, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- The University of Queensland
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
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