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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, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
Wednesday, 21 October 15
RUSSIA'S CARBO ONE COAL SALES TO HIT 50 MLN T/YR - JACQUELINE HOLMES
COALspot.com: Russia's Carbo One has become one of the world's leading physical coal traders with an annual volume approaching 50 million t ...
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- Indonesian Coal Mining Association
- VISA Power Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Australian Coal Association
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
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