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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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
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