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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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Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
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- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Parliament of New Zealand
- Posco Energy - South Korea
- PTC India Limited - India
- The University of Queensland
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
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