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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- White Energy Company Limited
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
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