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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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Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
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- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
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