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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, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- CNBM International Corporation - China
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- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
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- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
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- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
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