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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, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
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- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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