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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- The Treasury - Australian Government
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
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