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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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Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
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- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- PTC India Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
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