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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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Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
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- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
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