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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, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
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