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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Aditya Birla Group - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Bhatia International Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
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