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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, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
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