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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, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
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- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
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