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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, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
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- Heidelberg Cement - Germany
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- The University of Queensland
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
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