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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Planning Commission, India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
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