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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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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
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