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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
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