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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
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