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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
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