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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, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Australian Coal Association
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
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