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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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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
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