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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Parliament of New Zealand
- White Energy Company Limited
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
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