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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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Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Australian Coal Association
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- The University of Queensland
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
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