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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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Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
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- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
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