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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, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
Thursday, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
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- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Ministry of Mines - Canada
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
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