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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 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
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