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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, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
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- Central Java Power - Indonesia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
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