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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, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- The University of Queensland
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
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