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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, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
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Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
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- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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