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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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Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
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- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
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