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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- The University of Queensland
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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