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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, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
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