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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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Wednesday, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
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