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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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