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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, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
Friday, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
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- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- The University of Queensland
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
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