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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Planning Commission, India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- PTC India Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
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