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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, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
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