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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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Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- Minerals Council of Australia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
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