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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, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
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