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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Planning Commission, India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
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