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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, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
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- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- The University of Queensland
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
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