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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
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- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
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