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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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Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- MS Steel International - UAE
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
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