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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Bhatia International Limited - India
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