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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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Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Australian Coal Association
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
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