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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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Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
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- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
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