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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, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
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