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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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Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Australian Coal Association
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
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