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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- The University of Queensland
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
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