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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, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
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- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Commonwealth Bank - Australia
- The University of Queensland
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
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