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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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Thursday, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
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