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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, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Rashtriya Ispat Nigam Limited - India
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- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
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- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
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- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- PTC India Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Central Electricity Authority - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
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