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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
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