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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, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
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- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
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