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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Planning Commission, India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
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