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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, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
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