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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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Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
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