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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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Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
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- PowerSource Philippines DevCo
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
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