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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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Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- PTC India Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
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