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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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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
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