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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
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Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
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Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
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