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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, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- PTC India Limited - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
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