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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, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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- Singapore Mercantile Exchange
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- Sojitz Corporation - Japan
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- The University of Queensland
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- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
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- Cement Manufacturers Association - India
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- Energy Development Corp, Philippines
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- Electricity Generating Authority of Thailand
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- Global Coal Blending Company Limited - Australia
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- Australian Coal Association
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- Indian Energy Exchange, India
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- Electricity Authority, New Zealand
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- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
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- The Treasury - Australian Government
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- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
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- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
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- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
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- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Siam City Cement - Thailand
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- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
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- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
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