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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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Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
Thursday, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
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- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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