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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
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