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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, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
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- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
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