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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
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