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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, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
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