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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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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
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