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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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Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
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