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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
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