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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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Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
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