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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
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