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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
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