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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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Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- The University of Queensland
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- PTC India Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
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