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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, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
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- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- MS Steel International - UAE
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
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