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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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Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
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- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
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