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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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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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- Riau Bara Harum - Indonesia
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- Videocon Industries ltd - India
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- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
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