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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
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