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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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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
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