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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, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- The Treasury - Australian Government
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
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