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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- The University of Queensland
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
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