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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, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
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