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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, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
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