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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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Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
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Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
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Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
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