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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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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
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