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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
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