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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, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
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