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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, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
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