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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
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