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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
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