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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- VISA Power Limited - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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