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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Interocean Group of Companies - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
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