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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
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