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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, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
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- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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