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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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Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
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- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
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