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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, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
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