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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
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