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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, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
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- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- The University of Queensland
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
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