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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- MS Steel International - UAE
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
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