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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, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- The University of Queensland
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
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