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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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Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- London Commodity Brokers - England
- The University of Queensland
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Anglo American - United Kingdom
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