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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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Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Economic Council, Georgia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- The University of Queensland
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
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