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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- MS Steel International - UAE
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Minerals Council of Australia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Aditya Birla Group - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
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