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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 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
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- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
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