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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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Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
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