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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
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