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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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